Posts by ICS Tax LLC
Tax Court Case: Engineering Firm Overstated §179D Energy Efficient Commercial Building Property Deduction
COLUMBUS, Ohio /ScoopCloud/ -- In a recent case, Michael Johnson, et ux. v. Commissioner, the tax court denied the majority of a taxpayer's Energy Efficient Commercial Building Deduction under IRC §179D since it claimed a §179D Deduction exceeding the cost of the Energy Efficient Commercial Building Property (EECBP), says ICS Tax, LLC.
IRS Releases Updated Practice Unit for Auditing the 179D Energy Efficient Commercial Buildings Deduction
EGAN, Minn. /ScoopCloud/ -- The IRS Large Business and International (LB&I) Division released an updated Practice Unit for its agents to audit the 179D Energy Efficient Commercial Buildings Deduction (179D Deduction), ICS Tax, LLC announced today. It confirms that taxpayers can use the ASHRAE Standard 90.1-2007 rather than newer, more strict standards but also could be an indication that the IRS will have added scrutiny on 179D projects.
The Importance of Integrity Within the Tax Consulting Industry
SAVAGE, Minn. /ScoopCloud/ -- Choosing a tax consulting firm as a trusted advisor is an exceptionally important decision for both businesses needing such services as well as accounting firms who refer them to their clients, says ICS Tax, LLC.
IRS Mandates Additional Requirements for R&D Tax Credit Refund Claims
SAVAGE, Minn. /ScoopCloud/ -- In 2007, the IRS made the Research & Development (R&D) tax credit a Tier 1 issue, says ICS Tax, LLC (ICS). Tier 1 issues were those of high strategic importance that had a significant impact on one or more industries, essentially meaning that the IRS would audit taxpayers filing amended returns on such issues. To taxpayers' relief, the Tiered Issue Process was eliminated in 2012, effectively placing the R&D tax credit in the same audit pool as other issues.
ICS Welcomes Adam Finesilver CPA to the New Alabama Office
MONTGOMERY, Ala. /ScoopCloud/ -- ICS Tax, LLC is excited to announce its Southeast regional expansion with a new office in Montgomery, Alabama. ICS welcomes Adam Finesilver, CPA as its Regional Director. Adam brings over 13 years of experience providing tax advisory services to clients in real estate, financial and professional services industries.
Travis Mlodzik Elected President of the American Society of Cost Segregation Professionals
SAVAGE, Minn. /ScoopCloud/ -- Travis Mlodzik, Central Practice Leader for ICS Tax, LLC has been elected President of the American Society of Cost Segregation Professionals (ASCSP). Cost Segregation is a tremendously valuable tax planning strategy for real estate investors. The ASCSP provides education, credentialing, and a code of ethics for its members while representing the very best professionals in the cost segregation industry.
Proposed Legislation Would Make the 45L and 179D Energy Efficiency Tax Incentives More Lucrative
BLAINE, Minn. /ScoopCloud/ -- The 'Growing Renewable Energy and Efficiency Now' (GREEN) Act aims to extend and boost tax incentives for energy efficiency and renewable energy. According to Alex Bagne, the President of ICS Tax, LLC, "If passed, the GREEN Act would make both the 45L Energy Efficient Home Credit (45L Credit) and the 179D Energy Efficient Commercial Building Deduction (179D Deduction) more advantageous while furthering the green missions of these incentives."
Brew Up Tax Savings with the R&D Tax Credit
BOSTON, Mass. /ScoopCloud/ -- While the trendy term "Microbrewery" may have been the proper terminology for new craft beer breweries and startups, they no longer remain "micro" in revenue, says ICS Tax, LLC (ICS). Growth in the craft beer industry in the U.S. has steadily grown to almost $30 billion.