McGuire on the Wire Episode 83

Ken Zdrok, TJ Sponsel, and Dave McGuire join the podcast to introduce our Property Tax Services

In his latest piece in Forbes, Dave McGuire discusses the rapid growth of solar energy and the importance of understanding the qualifications for the tax credits offered under the IRA

On September 27, 2023, the IRS released heavily anticipated guidance on the 45L Energy Efficient Home Credit. This notice clarifies many vital details, including who is eligible for the credit, how to determine the amount, and energy and certification requirements.

One of the acceptable methods of completing a cost segregation study includes the use of statistical sampling.  According to the IRS Audit Techniques guide one method for completing a cost segregation study is utilizing a Sampling or Modeling Approach. However, there are many considerations to consider when completing a sampling review.

The Inflation Reduction Act of 2022 has been a windfall for many businesses, including those looking to upgrade their facilities for energy efficiency or adding solar panels. Unfortunately, the implementation of these incentives has caused much confusion. During this webinar, McGuire Sponsel’s Dave McGuire will review 179D, 45L, Section 48 credits, and other provisions.

Austin Brown and Dave McGuire join the podcast this week to discuss bonus depreciation.

While cost segregation studies are primarily concerned with depreciable assets, one non-depreciable asset plays a critical role in the study: land. In fact, the IRS’s most recent audit technique says the first step in a quality purchase price allocation cost segregation study is determining land value. 

As you move from the 2022 filing season into 2023 tax planning, it’s important to understand how energy deductions and credits have changed under the Inflation Reduction Act. This year brings major changes to 179D, 45L, and other energy credits and incentives. Join Dave McGuire as he discusses these changes as well as the regulations.

Read Dave McGuire’s blog where he discusses the consequences of the 163(j) change that could affect bonus depreciation for certain taxpayers. Under 163(j), a taxpayer is limited in the amount of business interest they can deduct.

On Thursday, December 22nd the Senate passed the Omnibus budget bill and the House is expected to pick it up quickly. One section glaringly missing from this large piece of legislation is tax extenders. With the extenders not passing it is important to review what this means for taxpayers.