Recent legislation and litigation involving the property deduction for energy efficient building projects should be seen as two major victories for taxpayers, particularly designers and contractors, according to a tax professional at a consulting firm specializing in the benefit.
Former IRS chief, Mark Everson, believes new IRS chief Daniel Werfel is the right person to lead the agency during its $80 billion transformation.
Dr. Robert Ambrose, Chairman of Robotics & Artificial Intelligence, alliantgroup & Former NASA Software, Robotics and Simulation Division Chief & Deirdre Ricketts, Lead Science Teacher & STEAM Lab Facilitator
Without Senate-confirmed leaders, the DOJ’s Tax Division and the IRS Office of Chief Counsel are reluctant about taking up significant tax projects.
The Senate Finance Committee this week voted to advance Daniel Werfel’s nomination to become IRS commissioner amid fierce debate over the agency’s $80 billion in funding.
There has recently been a fair amount of activity in the world of Section 179D – an important tax incentive for energy efficient building design. As background, in 2005, Congress enacted Section 179D of the Internal Revenue Code, – the energy efficient commercial building deduction – in an effort to impact the country’s largest consumer of energy, our buildings, and to encourage and incentivize the construction (including rehab) of greener buildings.
President Joe Biden’s nominee to lead the IRS answered questions during a Senate Finance Committee hearing this week, highlighting key issues from lawmakers on both sides of the aisle.
The Inflation Reduction Act (IRA) is potentially transformative for small- to medium-size businesses (SMBs), but along with taking advantage of the new benefits it and other government programs have to offer, SMBs must be aware of critical nuances that could impact their tax filing this season.
Howard Silverblatt, the longtime senior index analyst for S&P Dow Jones Indices, had it right when he said that because the U.S. buyback tax had bipartisan support, there was a good possibility the 1% tax was “only the opening move.”
With the start of another tax season, businesses in the automation and manufacturing industries are forced to evaluate how persisting economic and industry trends have impacted their profit margins and viability.