New IRS Form 7205 for the 179D Energy Efficient Commercial Building Deduction
The Internal Revenue Service (IRS) recently released Form 7205, which taxpayers can use to claim the 179D Energy Efficient Commercial Building Deduction. This deduction is available to commercial building owners and architects installing energy-efficient improvements, such as HVAC and lighting systems, and building envelopes. To qualify for the deduction, the improvements must meet certain requirements. […]
How Inflation Reduction Act Boosted Tax Breaks in 2023: An Overview
Almost $400 billion in grants, loans, and tax incentives included in the Inflation Reduction Act (IRA) will be monetized for the first time in 2024. In 2023, federal agencies went into overdrive, producing instructions to educate professionals in the commercial real estate industry, including developers, asset and property managers, tax attorneys, CPAs, designers, bankers, investors, […]
How can Architects Leverage the Inflation Reduction Act and Energy Efficiency Tax Incentives?
The Energy Efficient Commercial Buildings Deduction (Section 179D) and the New Energy Efficient Home Credit (Section 45L) were improved by the August 2022 passage of the Inflation Reduction Act (IRA). Here’s all the information you need to take advantage of these tax incentives efficiently. Section 179D: Energy-Efficient Commercial Buildings Deduction For projects between January 1, […]
Section 179D Deduction: A Detailed Overview
Commercial builders and owners of commercial properties (as well as residential buildings with four stories or more) must remain informed about the most recent criteria for claiming the 179D tax deduction, a component of the savings provisions established by the Inflation Reduction Act. The implementation of this tax deduction, which is designed to promote the […]
Updates to Section 179D Deduction
Governments, corporations, and people must prioritize energy efficiency and conservation as the globe struggles with growing energy expenses. To combat inflation, boost domestic energy production, and lower carbon emissions in the country, the Inflation Reduction Act (IRA), which includes extensive measures addressing energy, health, and targeted tax policies, was signed into law in the United […]
Extending & Expanding 179D under the Inflation Reduction Act
Governments, corporations, and people must prioritize energy efficiency and conservation as the globe struggles with growing energy expenses. To combat inflation, boost domestic energy production, and lower carbon emissions in the country, the Inflation Reduction Act (IRA), which includes extensive measures addressing energy, health, and targeted tax policies, was signed into law in the United […]
Inflation Reduction Act of 2022 and Its Implications on 179D
Improving or constructing buildings can help commercial building owners and businesses meet sustainability goals and be energy efficient. This reduces federal income tax liability and increases the cash flow. US tax code sections of 179D and 45L provide tax incentives for energy efficient buildings. Both incentives must be certified by a third-party advisor as required […]
Section 179D: Good News From Congress and Courts
Section 179D of the Internal Revenue Code provides tax incentives for the construction of energy-efficient commercial buildings. The deduction is available to owners and designers of new or existing buildings that meet certain energy efficiency requirements. The amount of the deduction is based on the percentage of energy savings achieved by the improvements. The Section […]
Are You Making the Most of Your 179D Tax Deduction?
Are you missing out on a tax deduction? If you have recently started a new construction or renovation of a commercial property, you might be missing out on a big-money opportunity. The 179D energy-efficient tax deduction is a tax incentive that is available for newly constructed or renovated commercial buildings. Our experts at National Tax […]
Is There Still Time to Claim the Employee Retention Credit (ERC)?
The COVID-19 pandemic and the resulting economic upheaval sparked a series of financial relief packages, each with various complicated updates and provisions. In particular, the Employee Retention Credit (ERC) underwent several legislative changes that exacerbated initial confusion and left many qualifying businesses uncertain about their eligibility. Even now, nine months after the last ERC update, […]