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Unmasking Misconceptions About Cost Segregation

Cost segregation studies are a powerful tax planning strategy that can lead to tax savings for property owners. However, several common misconceptions persist despite their benefits, causing many to miss out on the potential advantages.

Let’s debunk these myths, helping you make informed decisions and maximize the benefits of cost segregation.

Boost Your Client’s Business with Cost Segregation: Unlock Hidden Tax Savings

Tax Day has come and gone, but dedicated CPA firms have already started planning how to reduce your clients’ business tax burden for next year. One powerful, often overlooked strategy is cost segregation, a method that can significantly increase your clients’ cash flow and reduce tax liability by reclassifying assets into shorter tax lives, thus accelerating tax depreciation write-offs.

Impact of IRA and IIJA on Commercial Lighting Upgrades

Valeria Boltneva

Despite the uncertain economic conditions in the future, the Infrastructure Investment Jobs Act (IIJA) and the Inflation Reduction Act (IRA) for energy-efficient interior lighting renovations can provide good relief to for-profit and nonprofit organizations. Not only are the improvements financially feasible, but better lighting systems also save money as they have lower running expenses with […]

Tax Extenders Legislation Still Tied Up At the Senate

The House approved the $78 billion Tax Relief for American Families and Workers Act at the end of January and forwarded it to the Senate. However, Republicans, including ranking member Sen. Mike Crapo, R-Idaho, have opposed the idea, as the Senate Finance Committee has not yet marked up the legislation.  A spokesman pointed out that […]

IRS Notice 2023 and How It Impacts R&D Tax Credits

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Today, the IRS has unveiled an early release of Notice 2023-63 , designed to offer preliminary guidance aimed at clarifying the application of section 174, as modified by Pub. L. No. 115-97, often referred to as the “Tax Cuts and Jobs Act” (TCJA).   This notice encompasses guidance on the following matters: 1. Capitalization and amortization of […]

Tax Relief Act: Where We Are at With the Bipartisan Bill?

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The bipartisan bill offers tax incentives popular with businesses, such as full, immediate deductions for many capital investments, which the 2017 federal tax overhaul extended until 2022. It would also allow corporations to deduct domestic research and development expenditures immediately rather than over a five-year period as required under the 2017 tax legislation.   According […]

Breaking Down the Tax Relief for American Families and Workers Act of 2024

Tax Relief

The House Ways and Means Committee has revealed a bipartisan package to give tax relief by renewing specific previously expired programs. Still, it will be paid for by adjustments to the Employee Retention Credit.   The Tax Relief for American Families and Workers Act of 2024 provides the following: Restores 100% bonus depreciation for properties placed […]

Families and Businesses To Receive Significant Tax Breaks Under Improved Bipartisan Tax Deal

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Senate Finance Committee Chairman Ron Wyden (D-Ore.) and House Ways and Means Committee Chairman Jason Smith (R-Mo.) have announced a bipartisan tax framework that promotes working families’ financial security, increases growth and competitiveness, and strengthens communities and Main Street businesses.   Senate Finance Committee Chairman Ron Wyden (D-Ore.) stated, American families will benefit from this […]

How can Architects Leverage the Inflation Reduction Act and Energy Efficiency Tax Incentives?

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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, […]