Inflation Reduction Act -IRS Issues Announcement Affirming ASHRAE Standard 90.1
Inflation Reduction Act -IRS Issues Announcement Affirming ASHRAE Standard 90.1 for §179D On December 23th, 2022 the Internal Revenue Service Issued Announcement 2023-01, affirming the applicable standards to be used for §179D Energy Efficient Commercial Building Tax Deduction, starting January 1st, 2023. The announcement clarifies that the reference standard to be used for projects being […]
Inflation Reduction Act -Prevailing Wage And Apprenticeship Notice Issued
IRS Issues Notice providing Guidance for Prevailing Wage and Apprenticeship requirements. On November 30th, 2022 the Internal Revenue Service Issued Notice 2022-61, Prevailing Wage and Apprenticeship Initial Guidance under Section 45(b)(6)(B)(ii) and Other Substantially Similar Provisions. This Notice is the first step in clarification of the major changes that came as part of the Inflation […]
179D and 45L Extended Retroactively for 2017 Projects
Early morning February, 9th the Bipartisan Budget Act was Passed providing a One-year retroactive active extension of §179D and §45L energy tax incentive provisions. This will allow projects placed in service in 2017 to be certified for qualifying energy tax incentives. Though the original expectation was that a 2-year extension would be passed, members of […]
How to Get Full Value from the PATH Act Credits This Tax Season
According to the IRS, the Protecting Americans from Tax Hikes (PATH) Act provides 20+ provisions designed to offer individuals, families and business owners additional credits, deductions and exclusions. It also includes provisions to guard against the possibility of tax fraud. As the new tax season begins, McGuire Sponsel wants to remind each of our valued […]
Complete Guide To 179D Tax Deduction
What is a Section 179 Deduction Credit? While the public image of the Section 179 deduction is that it is some overly complicated tax code, you’ll find that it’s quite simple. In a nutshell, the IRS code’s Section 179 tax deduction permits companies to subtract the whole buying price of particular pieces of machinery or […]
What Is The 179D Tax Deduction And How It Can Help You Save Money
The 179D deduction is part of a federal tax code section that offers incentives for the construction of energy-efficient buildings. Sometimes, the 179D tax deduction can also be used for other types of buildings that are being upgraded to include new energy-efficient features. A 179d tax deduction offers tax incentives both to the building’s owner […]
Why Every Business Owner Should Know about 179D Tax Deductions
If you’re a building owner, architect, engineer or contractor, going green can save you some tax dollars. The federal government has an interest in encouraging the construction of energy-efficient buildings since buildings are some of the biggest consumers of energy around. Since 2006, the government has been using the tax code to incentivize efficient building […]
Common Questions about Federal Energy Tax Deduction
The Energy Efficient tax deduction IRS 179D has been one of the most important energy saving and environmentally friendly IRS rulings in a long time. The tax deduction is designed to ensure that commercial building owners who comply with the efficient energy requirements are rewarded for their hard work. Here is a list of some […]
3 Steps to Help Clients Understand Energy Tax Deductions
Section 179D represents an opportunity for commercial real estate owners to convert their property into a tool for tax deduction. This section of the IRS rules and regulations is aimed at encouraging energy efficient construction and improvements to commercial buildings and residential building of 4 stories or more. Now, while some clients may be content […]
What Can Make Your Property Qualify under Section 179D
As the years have passed, Congress and the U.S. Government have taken a number of steps that promote green construction and energy usage. Over the last few years, this has been done primarily through legislations and provisions designed to benefit people investing in green technology and lower the energy consumption of their properties. One of […]
