IRS Announces §179D Tax Deduction Inflation Adjustments for 2025 – What You Need To Know
The Internal Revenue Service (IRS) has released its annual inflation adjustments for the tax year 2025, bringing significant updates to the Energy-Efficient Commercial Buildings Deduction under Section 179D of the Internal Revenue Code. These changes, detailed in Revenue Procedure 2024-40, are poised to impact building owners, architects, and designers aiming to capitalize on tax incentives […]
Navigating §179D Deductions: The Crucial Lessons from United States v. Oehler
As a subject matter expert in 26 U.S.C. § 179D, the recent case of United States v. Oehler underscores the vital importance of engaging experienced and reputable firms, like Walker Reid Strategies, to guide you through the complex landscape of energy-efficient commercial building deductions. Click here for the original case: United States v. Oehler Why […]
Inflation Reduction Act -IRS Issues Announcement Updating ASHRAE Standard 90.1 for 2028 and later
IRA UPDATE -IRS Issues Announcement Updating ASHRAE Standard 90.1 for §179D On May 17th, 2024 the Internal Revenue Service Issued Announcement 2024-24, 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 placed […]
What is the new Form 7205?
There’s an important paperwork change for filing the Section 179D Energy Efficient Commercial Building Deduction. On Jan. 11, 2023, the IRS published the new Form 7205 for taxpayers interested in claiming this deduction. What is the new Form 7205? The new form provides taxpayers with a new place to calculate, document, and claim […]
The benefit of “new phase” energy-efficient improvements to previously claimed 179D projects
The benefit of “new phase” energy-efficient improvements to previously claimed 179D projects Until the passage of the Inflation Reduction Act of 2022, property owners had a lifetime max per building of $1.80/sf to pursue Section 179D tax deductions: There’s an important new change that property owners should also know about. Prior to IRA […]
Integrate Section 179D into the Early Stages of Non-Profit Design
Integrate Section 179D into the Early Stages of Non-Profit Design Like their commercial counterparts, non-profit building owners also pursue building and renovation projects. But when it comes to Section 179D deductions, they have more in common with governmental entities. As non-profits are non-tax paying entities, they cannot qualify for tax deductions. While their building […]
Walker Reid Strategies Launches our New Division for Outsourced Engineering Support
Walker Reid Strategies Launches our New Division for Outsourced Engineering Support In June, we announced the formation of our new division, WRS Engineering, which provides outsourced engineering services to our clients. We have developed this division based on our extensive expertise in leveraging technology, Artificial Intelligence (AI), and automation to help CPAs, specialty tax firms, […]
Section 179D Commercial Building Deduction Survives US Tax Court Challenge (Somewhat)
A recent United States Tax Court ruling highlights the importance of thoroughly understanding the requirements of §179D and working with an expert in qualifying and certifying energy-efficient commercial building properties. Project on an Existing Building Edwards Engineering, an Illinois-based company specializing in heating, ventilation, and air conditioning (HVAC) system design and installation and […]
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 […]