ICS Tax, LLC

06/05/2026

July 6, 2026 is the deadline to elect and claim immediate expensing of domestic research and development expenditures for 2022–2024 by filing amended returns. Beginning in 2022, Section 174 required R&D costs to be capitalized and amortized over five years, significantly reducing near-term tax benefits, but the One Big Beautiful Bill Act (OBBBA), enacted July 4, 2025, restores immediate expensing under Section 174A and allows retroactive application through amended returns, potentially generating refunds or increasing net operating losses, while failure to act leaves those costs subject to less favorable amortization rules. https://ics-tax.com/news/july-6-2026-deadline-key-opportunity-for-rd-deductions-and-credits/

05/01/2026

Alexander Bagne, President of ICS Tax, LLC, and Micki Vandeloo, President of Lakeview Consulting, Inc., will be featured speakers in an upcoming Wolters Kluwer webinar in May. During the session, Alex will discuss key federal tax incentives available to U.S. manufacturers, including Qualified Production Property, 100 percent bonus depreciation, immediate R&D expensing, IC-DISC, and the Section 45X Advanced Manufacturing Production Credit. Micki will address common misconceptions that prevent manufacturers from pursuing grant funding, identify client scenarios that may be well suited for grants, and examine how evolving economic development priorities, such as workforce development, reshoring, energy efficiency, and supply chain resiliency, are shaping incentive and grant programs. https://event.on24.com/wcc/r/5312292/42AA8126C3B2092636F7A23AD0F37CA4

04/29/2026

On April 23, 2026, Congressman Mike Lawler (NY-17) joined Brian Fitzpatrick (R-PA) in introducing the American Energy Dominance Act, legislation developed in direct partnership with the North America’s Building Trades Unions (NABTU) to restore key energy and efficiency tax incentives that help lower costs, strengthen domestic supply chains, drive long-term investment in American energy infrastructure, and support good-paying union jobs.

Congressman Brian Fitzpatrick, in partnership with North America’s Building Trades Unions, introduced the American Energy Dominance Act, a bipartisan proposal to restore long‑term certainty to critical federal energy tax incentives. If enacted, the legislation would restore the §179D Energy Eff...

03/19/2026

The IRS has recently introduced Form 7220, Prevailing Wage and Apprenticeship (PWA) Verification and Corrections, to report compliance with PWA requirements for claiming increased tax credits or deductions. This form is important because it verifies adherence to PWA rules, enabling taxpayers to access significantly boosted incentives, such as the fivefold increase in the §179D deduction or the full 30% §48E credit on projects over 1MW, potentially adding millions in tax savings for qualifying projects.

https://ics-tax.com/news/new-irs-form-7220-critical-for-verifying-compliance-to-unlock-boosted-tax-incentives/

03/03/2026

The IRS has released Notice 2026‑16, providing long‑awaited interim guidance on Qualified Production Property (QPP) under IRC §168(n). Enacted as part of the One Big Beautiful Bill Act, QPP introduces a powerful new incentive for U.S. manufacturers by allowing up to 100% bonus depreciation on certain production facilities in the year they are placed in service. This guidance gives taxpayers clarity on what qualifies, how the deduction is determined, and how QPP interacts with other depreciation strategies such as cost segregation.

IRS Notice 2026‑16 provides long‑awaited guidance on Qualified Production Property (QPP), allowing eligible manufacturers to claim up to 100% bonus depreciation on qualifying production facilities. The guidance clarifies what buildings and activities qualify, outlines election and timing require...

07/21/2025

The One Big Beautiful Bill Act of 2025 (OBBBA) marks a major overhaul of federal tax policy, terminating or reshaping several high-impact incentives related to real estate, clean energy, and business investment. For a full breakdown of OBBBA key regulations, visit ICS-Tax.com/obbba-2025

07/09/2025

With the passage of the One Big Beautiful Bill Act (OBBBA), 100% bonus depreciation was made permanent for qualified property placed in service after January 19, 2025. This legislative change significantly enhances the value of cost segregation, a proven tax strategy that accelerates depreciation deductions by identifying and reclassifying building components into shorter recovery periods. https://ics-tax.com/news/obbba-100-percent-bonus-depreciation-permanent-january-19-2025/

07/09/2025

The One Big Beautiful Bill Act (OBBBA) reestablishes same-year deductions for domestic research expenses beginning in 2025. Under new IRC §174A, U.S. companies can fully expense qualified R&D costs immediately, significantly improving the cash flow benefits of innovation investments. Foreign research, however, remains subject to 15-year amortization. Optional 60-month amortization is also available, and the shift to immediate expensing is treated as an automatic accounting method change. https://ics-tax.com/news/immediate-expensing-returns-for-domestic-research-tax-credit/

05/30/2025

In a significant move with major implications for the U.S. solar industry, the House of Representatives passed a sweeping Republican-backed bill that would eliminate the 30% residential solar tax credit (§25D of the U.S. Tax Code) by the end of 2025. The legislation, which also includes major tax, budget, and immigration reforms, faces an uncertain future as it heads to the Senate, where bipartisan support for clean energy incentives could complicate its path forward. https://ics-tax.com/news/house-passes-gop-bill-targeting-solar-tax-credits/

05/19/2025

The R&D Tax Credit has been significantly hindered by the Section 174 amortization rules by requiring businesses to capitalize and amortize R&D expenses over several years, thus delaying the immediate tax benefits that were previously available. However, in a significant move to bolster domestic innovation, the newly proposed tax bill introduces pivotal changes to the treatment of domestic research and experimental expenditures. The “One, Big, Beautiful Bill” that promises to provide “One, Big, Beautiful Deduction” of R&D expenditures. https://ics-tax.com/news/one-big-beautiful-bill-to-provide-one-big-beautiful-deduction-for-rd-expenditures/