The Ultimate Guide to the §179D Tax Deduction: Saving Money While Going Green
Building owners and designers of tax-exempt buildings who want to save money while being environmentally aware should look into §179D as a resource in this age of sustainability-focused business planning and growing environmental consciousness. Building owners should take advantage of this tax incentive to increase the company’s cash flow. On the other hand, Architects, engineers, […]
Busting Common Misconceptions: The Efficient Reality of §179D Site Inspections
In the realm of energy-efficient building projects, the Section §179D tax deduction is a hot topic. It offers deductions for energy-efficient improvements in commercial buildings. However, a prevalent misconception about the required site inspections for §179D qualification exists: they’re often viewed as intrusive and time-consuming for site personnel. Let’s demystify this and reveal the actual […]
Disaster Relief has Extended Some Corporate Tax Filing Deadlines
Disaster Relief has Extended Some Corporate Tax Filing Deadlines Each year, the IRS extends special tax provisions to businesses that have been disaster-impacted. These tax provisions are typically issued when the federal government has declared the business’s geographic area as a major disaster area. If your business is filing Section 179D or Section 45L […]
Case Study 8 of 8: Qualifying as a designer of energy-efficient properties
Case Study 8 of 8: Qualifying as a designer of energy-efficient properties Our final review of the IRS case studies in Memorandum AM 2018-005 wraps up our series examining eight scenarios that help clarify the confusion that can surround a successful §179D tax deduction allocation. As IRS §179D tax deduction allocations have been […]
Case Study 7 of 8: Qualifying as a designer of energy-efficient properties
Case Study 7 of 8: Qualifying as a designer of energy-efficient properties While taxpayers often first think of HVAC and building envelope improvements when considering qualifying §179D energy and power cost savings, lighting improvements can also qualify. Of the eight factual case studies the IRS released in Memorandum AM 2018-005, the seventh scenario examines […]
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 […]
Case Study 6 of 8: Qualifying as a designer of energy-efficient properties
Case Study 6 of 8: Qualifying as a designer of energy-efficient properties The framework of Internal Revenue Code §179D has guided property owners in establishing whether their projects have achieved the necessary energy and power cost savings to claim a tax deduction. Last year, this updated deduction became permanent through the passage of the […]
Case Study 5 of 8: Qualifying as a designer of energy-efficient properties
Case Study 5 of 8: Qualifying as a designer of energy-efficient properties Construction contractors and designers are very interested in requesting the IRC §179D deduction from owners of qualifying energy efficient commercial building properties (EECP). This tax deduction, which was initially part of the Energy Policy Act of 2005, has become permanent and updated […]
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 […]
