Tag: ICS Tax LLC
IRS Releases Updated Practice Unit for Auditing the 179D Energy Efficient Commercial Buildings Deduction
EGAN, Minn., June 27, 2022 (SEND2PRESS NEWSWIRE) -- The IRS Large Business and International (LB&I) Division released an updated Practice Unit for its agents to audit the 179D Energy Efficient Commercial Buildings Deduction (179D Deduction), ICS Tax, LLC announced today. It confirms that taxpayers can use the ASHRAE Standard 90.1-2007 rather than newer, more strict standards but also could be an indication that the IRS will have added scrutiny on 179D projects.
The Importance of Integrity Within the Tax Consulting Industry
SAVAGE, Minn., June 1, 2022 (SEND2PRESS NEWSWIRE) -- Choosing a tax consulting firm as a trusted advisor is an exceptionally important decision for both businesses needing such services as well as accounting firms who refer them to their clients, says ICS Tax, LLC.
IRS Mandates Additional Requirements for R&D Tax Credit Refund Claims
SAVAGE, Minn., Jan. 11, 2022 (SEND2PRESS NEWSWIRE) -- In 2007, the IRS made the Research & Development (R&D) tax credit a Tier 1 issue, says ICS Tax, LLC (ICS). Tier 1 issues were those of high strategic importance that had a significant impact on one or more industries, essentially meaning that the IRS would audit taxpayers filing amended returns on such issues. To taxpayers' relief, the Tiered Issue Process was eliminated in 2012, effectively placing the R&D tax credit in the same audit pool as other issues.
