ICS Tax, LLC

ICS Inspectors will present 'Leveraging HERS Scores for Higher Appraisal Values' at the January 2025 RESNET® Conference.   New energy-efficient "Green" homes constructed with advanced materials offer significant reductions in energy consumption for electricity, water heating, space heating, and cooling. ICS will explore how a home with a HERS score of 60 or lower can achieve higher appraised values and command a premium price in the market.

The IRS recently announced several notable changes to the process of claiming the R&D Tax Credit, announcing welcome reductions to requirements for filing amended R&D Credit claims and reduced requirements for the proposed Form 6765. In response to feedback, the IRS has revised the draft Form 6765 and has also waived some of the requirements for refund claims. These changes aim to reduce taxpayer burden while maintaining an improved level of information received for tax administration. The revised Section G of Form 6765 will also be optional for all filers for tax year 2024 and will become effective for tax year 2025. https://lnkd.in/gvDQU_hV

The IRS released final regulations and related guidance regarding bonus credits and deductions for taxpayers that satisfy prevailing wage and apprenticeship (PWA) requirements. The regulations apply to certain “green” energy tax provisions, such as the §179D Energy Efficient Commercial Building Deduction and the §45L Energy Efficient Home Credit, as well as others like the §48 Energy Investment Credit, which were modified or enacted by the Inflation Reduction Act of 2022. https://lnkd.in/g5JbAcsu

The IRS recently released Announcement 2024-24, notifying taxpayers that Reference Standard 90.1-2022 is the applicable reference standard required under the §179D Energy Efficient Commercial Building Deduction for ‘Energy Efficient Commercial Building Property’ (EECBP) placed in service after December 31, 2028, and the construction of which did not begin by December 31, 2022. https://lnkd.in/gMiE25au

I am finally getting a chance to post this! Better late than never, right? Had a fantastic time representing ICS Tax, LLC at the Information Management Network (IMN) CFO & COO West Forum at the Waldorf Astoria in Monarch Beach, CA. It was a great experience to be back on the stage - This year, we discussed "Tax Considerations and Strategies with an Election Looming" - moderated by Rony Rodriguez and a panel of experts Dennis Theodossis, Ben Kluwgant, Erik Oliver and Irwin Boris. Representing women in the tax incentives world plays an important role in showcasing the impact we bring to commercial real estate and the accounting industry - reminding teams that diversity leads to revenue!

The recent MBJ v. Commissioner ruling highlights the important role of contract language in determining eligibility for Research and Development (R&D) Credits. MBJ, a structural engineering firm, had $190,000 in credits disallowed due to inadequate contract language. https://lnkd.in/giDjGYT4

A recent Tax Court ruling in Scott Moore v. Commissioner serves as a reminder of the important role documentation plays in supporting claims for Research & Development Tax Credits. The lack of written records failed to establish how much time was spent conducting or directly supervising qualified research, making it impossible to determine whether the research was indeed “qualified”. To avoid similar disputes and audits, businesses claiming research credits should partner with a trusted R&D credit consultant who can ensure thorough and contemporaneous documentation. https://lnkd.in/gYUmq8pS

ICS congratulates Coval Homes for being recognized as 'April 2024 RESNET® HERS® Index Builder of the Month'. We are proud to be your HERS Rating company and look forward to your continued excellence.

ICS congratulates Oak Creek Homes, winner of the 2024 MHI Excellence in Manufactured Housing Awards (from left to right Logan Barrett, Travis Cansler, Dwayne Teeter).

Last Thursday, March 21, 2024, the Senate Finance Committee held a hearing on the Biden 2025 Budget Proposal, questioning Treasury Secretary Janet Yellen on various aspects of the proposed budget, with many members noting concern about the proposed increase of the corporate tax rate and aspects of the budget that would have a negative impact on various American manufacturing industries. After weeks of silence from the Senate, many members of the committee stated their desire to see the tax bill (H.R. 7024) passed while urging Yellen and the administration for more aggressive incentivization of R&D in the US, which falls short in incentivizing R&D when compared to countries, specifically China. https://lnkd.in/g5ynuegB