News & Blog

Research and Development

R&D Tax Credit for 2022 Tax Returns

We have made it to 2023. While the holiday season filled with family, friends, and food has ended, our second favorite time of year is here: tax season! Our tax experts have prepared all year for this and now we are here to help our clients work through tax season as smoothly and efficiently as possible. One of our specialties,

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tax time

Specialty Tax Areas Are Getting More Complex: What You Need to Know

With filing season quickly approaching it’s important to address recent industry changes and other tax areas that are a large portion of business tax returns. Cost segregation, energy credits and deductions, and research tax credits are all tax areas to optimize your business tax returns. However, due to the Inflation Reduction Act and a lack of tax extenders, these areas

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Research & Development

IRS Eases R&D Procedures in 2022

Recent R&D Amortization Changes Continue to Affect Business Owners of All Sizes  The R&D tax codes recently underwent some significant changes that many business owners are still navigating. Back in 2017, the Trump administration’s Tax Cut and Jobs Act (TCJA) stated that companies could seek deductions for Research and Development efforts. These tax benefits have seen some recent changes beginning

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commercial real estate

How Will the Inflation Reduction Act Impact Commercial Real Estate?

At the start of 2023, several changes introduced by the Inflation Reduction Act (IRA) of 2022 took effect. As part of the effort to reduce carbon emissions, the landmark $369 billion spending bill revamps and restructures the IRC 179D deduction and the IRC 45L tax credit. We will begin to see the effects of these changes as the year progresses,

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A Post-Election Congress & What It Means for Your R&D Tax Benefits

Congress’s Lame Duck To-Do Includes An Opportunity for Extension of R&D Expenses After a long and competitive election season, both House of Representatives and Senate lawmakers are finishing their terms with a busy lame-duck session. Going into 2023, Democrats will enjoy continued control in the Senate, while Republicans will take advantage of a narrow majority in the House. Americans are

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Employee Retention Credit

IRS: Taxpayers Should Know About Suspicious Employee Retention Credit Mills

Predatory entities have popped up offering business owners big tax breaks by pitching the Employee Retention Credit in bad faith. Here’s what to look out for.   When the US government rolled out the Employee Retention Credit in March 2020 to respond to the COVID-19 pandemic, it did not anticipate it would have over $2 trillion in suspicious claims to

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Energy Efficient Tax Credit

How to Claim the New IRC 179D Energy Efficient Tax Deduction

The Inflation Reduction Act of 2022, introduced in August 2022, made significant headway toward energy efficiency in the United States. Since buildings are responsible for almost 40% of global carbon emissions, it’s no surprise that the IRC 179D commercial buildings energy efficiency tax deduction faced major changes. The deduction is now available to a wider range of taxpayers, and more

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Inflation Reduction Act

How the IRC Section 179D Deduction Will Change Under the Inflation Reduction Act

The Inflation Reduction Act, signed into law by President Biden on Aug. 16, 2022, is a massive bill that touches on everything from prescription drug prices to energy security investments. One of the changes it introduces is a revamped version of the IRC Sec. 179D deduction. This new version has expanded eligibility, higher deduction opportunities, expanded qualification thresholds and updated

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commercial building construction

IRC Section 179D Extension: Will the Changes Incentivize Commercial Building Renovations?

The IRC Section 179D deduction was established with the intention to encourage commercial property owners to reduce their buildings’ energy consumption. However, it has faced criticism in the past for failing to actually incentivize change, with too unattainable eligibility requirements for too little reward.    The Inflation Reduction Act, signed into law in August 2022, introduces a massive overhaul of

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3 Changes to the IRC Sec. 179D Deduction in 2023

The Inflation Reduction Act, passed in 2022, is the largest energy-efficient spending legislation in United States history. In addition to implementing several new green energy funds and sustainability initiatives, it also modifies the existing commercial property energy conservation deduction, the Internal Revenue Code Section 179D. This change expands the number of commercial property owners and eligible designers who can claim

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