News Topic: 179D Deduction
News: IRS Releases Updated Practice Unit for Auditing the 179D Energy Efficient Commercial Buildings Deduction
Mortgage and Finance News: (EGAN, Minn.) 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.
News: Proposed Legislation Would Make the 45L and 179D Energy Efficiency Tax Incentives More Lucrative
Mortgage and Finance News: (BLAINE, Minn.) The 'Growing Renewable Energy and Efficiency Now' (GREEN) Act aims to extend and boost tax incentives for energy efficiency and renewable energy. According to Alex Bagne, the President of ICS Tax, LLC, "If passed, the GREEN Act would make both the 45L Energy Efficient Home Credit (45L Credit) and the 179D Energy Efficient Commercial Building Deduction (179D Deduction) more advantageous while furthering the green missions of these incentives."