News & Blog

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 States. The extension of the

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IRS Updates Section 45L Tax Credit

On September 27, 2023, the Internal Revenue Service (IRS) issued Notice 2023-65, which introduced significant updates and changes to the Section 45L New Energy Efficient Home Credit. The crucial tax credit has been modified and extended through 2032 as part of the Inflation Reduction Act (IRA). With effect from January 1, 2023, this federal benefit is now directly linked to

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Revisions to Form 6765 R&D Credit

On September 15, the Internal Revenue Service shared proposed revisions to Form 6765, “Credit for Increasing Research Activities,” requesting stakeholder comments by October 31. These modifications might result in significant changes to the R&D Tax Credit from 2024 onwards, adding to the hardship faced by taxpayers filing to claim the federal credit.   The agency released an adjusted version of

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7 C-PACE Financing Myths Debunked

Financing C-PACE projects (Commercial Property Assessed Clean Energy) is one of the fastest-growing nationwide funding options for new construction and renovation projects. The practical structure of C-PACE financing is used by more owners, sponsors, and developers to improve the sustainability of their projects. C-PACE financing frequently replaces more costly preferred stock, mezzanine debt, or bridge financing. Usually, C-PACE funding can

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IRS notice 2023 and how it impacts R&D tax credits

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 specified research or experimental (SRE)

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What The IRS updates mean for your business!

The Internal Revenue Service (IRS) and Treasury this week released a guidance package to help taxpayers engaged in qualified renewable energy projects comply with the prevailing wage and apprenticeship requirements created by the Inflation Reduction Act (IRA).   The package includes comprehensive proposed regulations (REG-100908-23) with details on how the proposed regulations would govern how taxpayers meet prevailing wage and apprenticeship

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Inflation Reduction Act of 2022 and it’s 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 by the tax law. Confidently

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Inflation reduction act- What it means for American SMBs

In 2023, the IRS has undergone significant transformations compared to just a few years ago, fuelled by a hiring spree and a digital revolution, all thanks to a substantial infusion of funds from the Inflation Reduction Act (IRA). The IRA, which granted the IRS $80 billion a year ago, aimed to enhance taxpayer services and address the looming $7 trillion

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R&D credit refund- IRS sets forth new documentation requirements

R&D amortization impact on SMBs   This year’s Tax Day came and went without any alterations to the controversial Section 174 amortization and capitalization rule, a situation that hindered numerous startups from claiming R&D expenses incurred during 2022.   As a consequence, innovative startups across the United States now face heightened tax obligations this year, compelling many to explore alternative

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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. The improvements must be

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