Big Changes Are Coming to the 179D Energy Tax Deduction in January 2023 On Tuesday, August 16, 2022, President Biden signed the Inflation Reduction Act (IRA) into law – one of the most sweeping climate bills ever created. The IRA is a massive piece of...
The past few years have brought considerable changes to the tax codes. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Tax Cuts and Jobs Act (TCJA), and Energy Policy Act (EPACT) offer immense opportunities for companies to accelerate or increase...
The Sage Fixed Assets 2022.1 release includes important federal tax law compliance updates, useful enhancements and a few bug fixes. Beginning with the 2022.0 Release and continuing with this one, certain new features are available only with the subscription version....
In an effort to encourage commercial investment and stimulate the economy, the Tax Cuts and Jobs Act of 2017 (TCJA) and the Coronavirus Aid, Relief, Economic Security Act of 2020 (CARES Act), allow for additional and/or accelerated depreciation tax deductions. These...
Savvy tax professionals are familiar with different methods for accelerating tax depreciation, but not all are familiar with cost segregation. “What is Cost Segregation?” is a question that we hear from even the most seasoned tax people. Or they might be familiar with...
Your organization has just selected a new Enterprise Resource Planning (ERP) system. The next decision: choosing a dedicated fixed asset system vs ERP fixed asset module. Many factors go into the decision of whether to manage fixed assets using an add-on module from...
You may know that cost segregation can help to reduce your tax liability. But did you know that not all cost segregation studies are created equal? The IRS prefers accounting-based studies, because, of course, your tax liability is higher – and you pay them more...
The Section 179D Energy Tax Deduction is now permanent. You no longer have to worry about expirations and rely on extensions. The Consolidated Appropriations Act, 2021, signed into law at the end of December 2020, made permanent the Energy Efficient Commercial...
The Sage Fixed Assets 2021.1 release includes tax changes from the Consolidated Appropriations Act, 2021 signed into law in December, 2020. This quick January update will make it easy for Sage Fixed Assets users to take advantage of the new tax benefits, as well as...
Does your company have previously overpaid taxes that you would like to recover – and potentially get a tax refund? A Cost Segregation Look-Back Study is a valuable, often overlooked tool for companies to recover overpaid taxes. The Study identifies misclassified or...
The new Sage Fixed Assets 2021.0 was released in early November, which is earlier than usual. This is great, because it incorporates Coronavirus Aid, Relief, and Economic Security Act of 2020 (CARES Act) tax provisions, and includes new features, enhancements and...
The Daily Herald Business Ledger, suburban Chicago’s premier business publication, featured stories about how businesses and landlords are adapting the workplace for the COVID-19 world. Paragon’s CEO and Founder, Rick Swarts, was tapped to share his expertise. In...
Qualified Improvement Property (QIP) now has a 15-year GDS life and is eligible for bonus depreciation! The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) fixed an important technical error in the Tax Cuts and Jobs Act of 2017 (TCJA). Qualified...
The Qualified Improvement Property (QIP) tax glitch has been fixed! The QIP CARES Act fix allows for QIP placed in service in 2018 and later to be eligible for bonus depreciation, and has a GDS depreciation life of 15 years (20 years ADS). Shortening the life of QIP...
Sage recently issued Sage Fixed Assets Release 2020.1, which includes several Federal tax law updates, exciting new features to improve your fixed asset reporting, and a few bug fixes. Here are some highlights: Federal Tax Law Compliance Updates Sage Fixed Assets...
The long wait is over! The Further Consolidated Appropriations Act, 2020, was signed into law on December 20, 2019, avoiding a federal government shutdown. The year-end spending bill, H.R. 1865, includes several fixed asset tax provisions that may benefit you. In...
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