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Feb 15, 2024 Maximum §179D Deduction Increased to $5.65 for 2024

The §179D Energy Efficient Commercial Building Deduction is a federal tax incentive encouraging energy efficient construction by providing building owners and designers with substantial financial benefits. An exciting aspect in 2024 is the inflationary increase of the maximum §179D Deduction to $5.65 per square foot for projects meeting the prevailing wage and apprenticeship requirements and $1.13 per square foot for those that do not. In 2023, the maximum deduction was $5.36 per square foot and $1.07 per square foot, respectively. In 2022 and prior years, the maximum deduction ranged between $1.80 to $1.88 per square foot....

Jan 18, 2024 The R&D Tax Credit Stands to Benefit from the Proposed Tax Act

The proposed Tax Relief for American Families and Workers Act of 2024 changes the period for when companies must start the five-year period for the deduction of research and experimental expenditures from tax years beginning after December 31, 2021, to tax years beginning after December 31, 2025....

Dec 22, 2023 How Cost Segregation Can Widen the Short-Term Rental Loophole

The short-term rental loophole allows investors in vacation homes and similar properties to offset wage income with accelerated tax deductions generated by cost segregation studies. The article titled "Expanding the Short-Term Rental Loophole with Cost Segregation," co-written by Alex Bagne, President of ICS, details the mechanics of this beneficial tax strategy....

Nov 1, 2023 2023 ASCSP Annual Conference

The American Society of Cost Segregation Professionals (ASCSP) just concluded its annual conference in Washington, DC. ICS Tax, LLC sent three of its cost segregation professionals, Alex Bagne, Roel Vicerra and Luis Barreira to stay abreast of developments within this ever changing industry. Alex Bagne, a Certified Cost Segregation Professional (CCSP) and the past ASCSP President, lead several sessions which covered the Alternative Depreciation System, updates to the 179D commercial and 45L residential energy efficiency incentives, and an Anatomy of a Cost Segregation Audit. He also reprised his role of Alex “TreBagne” and hosted Cost Segregation Jeopardy....

Sep 28, 2023 IRS Provides New Guidance on the §45L Energy Efficient Homes Credit via Notice 2023-65

On September 27, 2023, the IRS released guidance on §45L New Energy Efficient Home Credit (§45L Credit) through Notice 2023-65. The guidance provided in this notice addresses: (i) the person that is eligible for the credit, (ii) determining the applicable amount of the credit, (iii) energy saving requirements, (iv) certification requirements, and (v) substantiation requirements....

Sep 21, 2023 What does Notice 2023-63, Guidance on the New R&D Amortization and Capitalization Requirements, Mean for Taxpayers?

On September 8, 2023, the Internal Revenue Service (“IRS”) and Department of the Treasury (“Treasury”) released an advance version of Notice 2023-63. This Notice provides interim guidance intended to clarify the amortization and capitalization of specified research and experimental (“SRE”) expenditures under Section 174, amended by the Tax Cuts and Jobs Act (TCJA) in 2017. Proposed regulations provide rules consistent with the guidance for tax years ending after September 8, 2023. Until those regulations are provided, tax professionals can rely on interim guidance....

Sep 15, 2023 IRS Requests Feedback on Preview of Proposed Changes to Form 6756, Credit for Increasing Research Activities

An Internal Revenue Service new release previews proposed changes to certain sections of Form 6765, Credit for Increasing Research Activities, commonly known as the Research & Development (R&D) tax credit. The IRS is soliciting feedback in the absence of the formal draft release process for form changes. The changes are in line with proposed changes that were previously announced in 2022. ...

Sep 15, 2023 IRS Ceases Processing of New Employment Retention Credit Claims

An Internal Revenue Service new release announced that the IRS would halt processing new Employee Retention Credits (ERC). The moratorium, beginning September 14, 2023, is expected to run through at least the end of the year. The news report stated that the IRS will “continue to work previously filed Employee Retention Credit (ERC) claims received prior to the moratorium but renewed a reminder that increased fraud concerns means processing times will be longer.”...

May 22, 2023 Roel Vicerra joined ICS as Cost Segregation Senior Manager

ICS Tax, LLC is pleased to announce that Roel Vicerra has joined our team as a Cost Segregation Senior Manager. Based in Houston, Texas, Roel brings over a decade of experience in the cost segregation industry. He is an associate member of the American Society of Cost Segregation Professionals and is currently pursuing his credential as a Certified Cost Segregation Professional....

May 16, 2023 360 Paint Supply. Texas

360 Paint Supply. The directors at ICS demonstrate strong character and principles. They made our experience wonderful....