Awards and Honors, Business, Free News Articles, Taxes and Accounting

INSIDE Public Accounting Ranks KROST Among Top 100 Firms in the US in 2023

PASADENA, Calif. -- INSIDE Public Accounting (IPA) has named KROST CPAs & Consultants Top 100 Firm in 2023. The firm ranked 73rd on the prestigious Top 100 list. KROST along with other recipients of these distinguished awards are highlighted in IPA's monthly newsletter. KROST has been named Top 100 firm for the third year in a row.

"We couldn't be prouder to be recognized by our industry once again. It's a true testament to the hard work and dedication of our incredible team who made this recognition possible. Receiving this award reinforces our commitment to providing quality services to our valued clients," said Jason Melillo, CEO

INSIDE Public Accounting (IPA) is a leader in practice management resources for the public accounting profession that include: the monthly practice management newsletter, the annual national practice management benchmarking reports and corresponding reports and training. IPA has assisted firms across North America grow and thrive since 1987. The one-of-a-kind IPA 500, recognizing the top U.S.-based accounting firms, is the most comprehensive list of North American public accounting firms available.

IPA annually ranks the largest public accounting firms in the U.S. based on participating firm's net revenues - from the multi-billion-dollar U.S.-based Big 4 to the $3.8 million firm. Ranking data is captured through IPA's annual practice management survey and analysis of firms. IPA is the survey leader in data collection for the profession, with more of the largest 600 firms participating than any other survey today and a 92% return rate of participating firms.

Learn more about our services -

View INSIDE Public Accounting's 2023 Top 100 Rankings -

For more information about KROST's awards and recognition, visit


KROST is a full-service Certified Public Accounting and Consulting firm headquartered in Pasadena, California. As trusted advisors and industry leaders, clients depend on KROST for timely information, innovative solutions, and results-driven teamwork in the areas of accounting, assurance, business management, consulting, tax, mergers and acquisitions, and wealth management. Our professionals have expertise in a variety of industries. We proudly serve the restaurant, hospitality, manufacturing, real estate, technology, sports & entertainment, financial services, not-for-profits, and grocery industries. We also provide thought leadership on tax laws and the rapidly changing market.

Learn more:

Related link:

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Free News Articles, Taxes and Accounting

Celebrating Growth and Expertise: Matthew Weber Promoted to Principal at KROST

LOS ANGELES, Calif. -- KROST, a leading CPA and consulting firm, is thrilled to announce the promotion of Matthew Weber to the esteemed position of Principal. Matthew's dedication, experience, and exceptional contributions have led to this well-deserved advancement within the organization.

Matthew Weber, who joined KROST's tax practice in July 2015, brings with him over a decade of experience in public accounting, having embarked on his career journey in 2010. His passion for intricate tax matters, strategic financial planning, and client-centered solutions has propelled him to the forefront of the industry. Prior to his current role, Matt served as a Tax Manager at a Big 4 firm in Los Angeles, showcasing his commitment to excellence.

As a Tax Director at KROST, Matt has consistently demonstrated a deep understanding of federal and multi-state tax compliance and consulting for individuals, corporations, and partnerships. His expertise spans across a wide range of industries, including financial services, real estate, entertainment, restaurants, technology, and manufacturing. Matt's insights have played an instrumental role in simplifying complex financial challenges for clients.

CEO, Jason Melillo expressed his excitement about Matt's promotion, stating, "Matt Weber's journey and achievements at KROST exemplify our dedication to providing unparalleled expertise to our clients. As he assumes the role of Principal, we are excited to see him further elevate our services and contribute to the success of our clients."

As Principal, Matt will continue to lead the charge in delivering top-tier client-centered solutions, fostering innovation, and contributing to the continued growth of KROST.

Learn more about Matthew Weber "

Learn more about our Tax Services "

For more information or any questions regarding our services, please contact us at:

About KROST:

Established in 1939 in Pasadena, California, KROST is a full-service Certified Public Accounting and Consulting firm serving individual and business clients of various sizes and industries. With a team of experienced professionals, KROST is committed to delivering innovative solutions that drive growth and success. Smaller-scale businesses can receive resources that are otherwise not accessible to them through talented professionals who have experience working with multimillion-dollar corporations and individuals.

Related link:

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Free News Articles, Software, Taxes and Accounting

For the Second Year, PitBullTax Named to the 2023 Inc. 5000 List of Fastest Growing Private Companies in America

CORAL SPRINGS, Fla. -- PitBullTax Software, the Nation's Leading Tax Resolution Software for CPAs, EAs and Tax Attorneys has revealed it has won a spot on the 2023 Inc. 5000 list of the fastest growing private companies in America for the second year in a row.

The list represents a one-of-a-kind look at the most successful companies within the economy's most dynamic segment-its independent businesses. Facebook, Chobani, Under Amour, Microsoft, Patagonia, and many other well-known name brands gained their first national exposure as honorees on the Inc. 5000.

The Inc. 5000 class of 2023 represents companies that have driven rapid growth while navigating inflationary pressure, the rising cost of capital and seemingly intractable hiring challenges. "Running a business has only gotten harder since the end of the pandemic," says Inc. editor-in-chief Scott Omelianuk. "To make the Inc. 5000-with the fast growth it requires-is truly an accomplishment. Inc. is thrilled to honor the companies that are building our future."

"We are extremely proud of making the Inc. 5000 list again and have worked very hard to grow this company into what it is today," stated Jaime S. Buchwald, CPA, Co-Founder and CEO. "The honor of making the list for the 2nd year in a row further demonstrates our dominant position in IRS tax resolution software. With the Inflation Reduction Act, Congress gave the IRS $80 billion to hire 87,000 new personnel. IRS enforcement over the next decade will be at an all-time high, and the amount of new resolution cases are going to skyrocket.

"With these prestigious awards, our licensees and potential licensees will now have even greater confidence in PitBullTax to handle this avalanche of new cases, not only as the nation's leader in IRS tax resolution software, but also as a nationally recognized business leader."

Jose Alfaro, Co-Founder and CTO said, "With the success of version 7.0, a quantum leap in automation that seamlessly integrates with major tech companies such as Zoom meetings, and synchronizes with Dropbox, Google Drive, One Drive, Outlook and Google Calendar and SMS communication we continue to over deliver to our licensees. Our 2nd Inc. 5000 honor is made possible by the dedication of our team and loyal licensees."


PitBullTax Software has licensees in all 50 states that rely on the company's software to prepare their clients' IRS resolution cases and automate their IRS tax resolution businesses. Innovation, efficiency and making its licensees more profitable are the cornerstones of the company's philosophy.

Learn more at:

Related link:

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Free News Articles, Government, Software, Taxes and Accounting

Oxnard California Awards Avenu Insights & Analytics With a Sales & Use Tax Auditing Contract

OXNARD, Calif. -- Avenu Insights & Analytics (Avenu), the leading provider of software administration and revenue recovery solutions for state and local governments, has achieved a significant milestone with the award of a Sales & Use Tax Auditing (SUTA) contract by the City of Oxnard, California. This contract, a competitive takeaway, represents a significant win for Avenu as the company's market share in California continues to aggressively grow.

Avenu's proposal excelled in all four weighted criteria: overall responsiveness, company profile, demonstrated technical competence to perform the service, and cost. This recognition reaffirms Avenu's dedication to meeting Oxnard's specific needs and delivering unparalleled service. It marks a continuation of the successful partnership between Avenu and Oxnard, showcasing Avenu's unwavering commitment to delivering exceptional results. Building on the positive outcomes of previous collaborations, Oxnard previously engaged Avenu for a Transient Occupancy Tax (TOT) Compliance Audit spanning 2019 to 2021, with the contract still active through 2024. Avenu's comprehensive approach, technical competence, and cost-effective solutions helped solidify the decision to entrust them with the critical SUTA contract.

"As a trusted partner to Oxnard, we are honored to have been selected for this SUTA contract," said Paul Colangelo, Avenu's CEO. "Our commitment to the City of Oxnard aligns perfectly with our vision for driving positive results for communities through our revenue recovery services. With a proven track record of maximizing revenue, we are excited to build on our successful partnership with Oxnard."

Avenu's revenue management solutions have consistently proven to be the key to unlocking untapped revenue for its clients, ensuring that communities thrive without the burden of increased taxes. This SUTA contract award is a testament to Avenu's commitment to empowering governments to streamline operations, increase revenue, and deliver exceptional services to their constituents. As Avenu's partnership with Oxnard continues to flourish, both entities look forward to achieving even greater success in the years to come.

About Avenu Insights & Analytics:

Over 3,500 state and local governments have partnered with Avenu to drive positive results for their communities through software administration and revenue recovery solutions. Avenu's comprehensive software solutions digitally transform government by modernizing processes, providing online access to records, and reducing costs. Avenu also provides a robust ecosystem of revenue management services that identify and recover untapped revenue. State and local governments work closely with Avenu to increase revenue without raising taxes, streamline internal operations, and improve services by enhancing connectivity for constituents. Avenu is a portfolio company of Mill Point Capital.

Learn how Avenu helps to unleash the power of compliance and maximize tax collection in this short Compliance Lifecycle video -

More information:

About Mill Point Capital:

Mill Point Capital LLC is a private equity firm focused on control investments in lower-middle market companies across the business services, technology and industrials sectors in North America. Mill Point's experienced team of investors and Executive Partners seek portfolio company value enhancement through rigorous implementation of transformative strategic initiatives and operational improvements. Mill Point is based in New York, NY. For more information, please visit


VIDEO (YouTube):

Related link:

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Architecture, Business, Construction and Building, Free News Articles, Product Launches, Taxes and Accounting

Walker Reid Strategies, Inc. announces the launch of a new division providing outsourcing engineering services

BOCA RATON, Fla. -- Walker Reid Strategies, Inc. is proud to announce the launch of a new division that provides outsourcing engineering services. The division will support MEP firms, architects, engineers, ESCOS, and LEED professionals by supplementing labor shortages and reducing costs through energy modeling, BIM, and code compliance services.

Ruben Abreu P.E. CEM, GBE, VP of the Engineering Division at Walker Reid Strategies, Inc., stated, "Walker Reid has a strong history of utilizing technology, AI, and bots to help CPA firms and specialty tax firms with their energy tax incentive work. We are excited to bring our expertise to a new market and help our clients meet their engineering needs."

With this new division, Walker Reid Strategies, Inc. continues to demonstrate its commitment to leveraging technology and innovation to meet the needs of its clients.

For more information about Walker Reid Strategies, Inc., please visit:

Walker Reid Strategies, Inc., 1225 Broken Sound Parkway, Suite C, Boca Raton, FL 33487; 800-662-1793;

Related link:

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Free News Articles, Software, Taxes and Accounting

Sustainable Organizations Embrace EnergyCAP’s Complete Suite of Energy and Sustainability ERP Solutions

STATE COLLEGE, Pa. -- EnergyCAP, a renowned provider of energy and sustainability enterprise resource planning (ERP) solutions, proudly announces The University of Texas Medical Branch (UTMB) and The University of New Mexico (UNM) have adopted EnergyCAP's newest solutions: CarbonHub and Wattics, making them the first customers to embrace EnergyCAP's complete solution suite. UTMB, an EnergyCAP customer of 10+ years, and UNM, an EnergyCAP customer of 15 years, are elevating their energy efficiency and sustainability aspirations by embracing Wattics and CarbonHub.

EnergyCAP's Energy & Sustainability ERP Solution Suite:

* EnergyCAP - Portfolio-level energy management and utility bill accounting

* Wattics - Real-time energy analytics at the building and device levels

* CarbonHub - Financial- grade carbon accounting and sustainability reporting

Jason Strauss, President and CEO of Lobo Energy shared that, "Lobo Energy Incorporated is thrilled to support the University of New Mexico's adoption of EnergyCAP's complete suite of solutions. Access to real-time energy and financial-grade carbon data is critical to advancing their decarbonization efforts. This decision underscores the University's dedication and commitment to environmental stewardship."

Since partnering with EnergyCAP in 2008, UNM has been able to avoid costs totaling $139.9 million and decrease their energy consumption by an impressive 22.1%.

Read more about UNM's success with EnergyCAP here -

Strauss explained that, "Since we have seen the benefits of our streamlined process for data integration with EnergyCAP for our utility data, we wanted to streamline the carbon data process the same way."

By adopting CarbonHub, UNM will be able to accurately track their greenhouse gas emissions and comply with the ever-increasing number of regulations. EnergyCAP's out-of-the-box reports provide data in digestible formats that serve as "a roadmap for a decision matrix for carbon neutrality. [With EnergyCAP] we are allowing the data to help drive the process," says Strauss.

The Energy Management team at UTMB is constantly on the lookout for areas of inefficiencies in energy usage, with the goal of minimizing energy expenses. Quick identification of potential problems is key to achieving this goal. Wattics's offers an unparalleled solution for monitoring and predicting energy consumption in real time.

"We are currently using a large spreadsheet to track our energy savings initiatives and calculate associated savings. Wattics will allow us to calculate the savings with a click of the button using the Operations Analyzer tool. This will save our engineers time that they can then reinvest into finding more energy savings opportunities," says Sean Finegan, Business Operations Manager at The University of Texas Medical Branch.

By using EnergyCAP, UTMB was promptly able to identify anomalies in energy consumption for a specific building on their campus. With a few adjustments to lines of code, instantaneous electric savings were achieved, leading to a quick win of $26,000 in cost avoidance. The precise implementation month and subsequent reduction in energy consumption are clearly visible in EnergyCAP's reporting visuals shown below. Thanks to their prior success with EnergyCAP, UTMB has been able to expand their investments into complementary solutions.

"The adoption of CarbonHub and Wattics will bolster our ongoing efforts in enhancing energy efficiency within our buildings," states Finegan. "Building upon the great progress we have achieved with EnergyCAP, these new solutions will further accelerate our sustainability journey. We recognize the importance of continuous improvement, and by adopting the full suite of EnergyCAP's Energy and Sustainability ERP solutions, we are poised to achieve even greater strides in reducing our environmental footprint."

EnergyCAP remains committed to empowering organizations like UTMB and UNM with advanced solutions that drive efficiency, cost savings, and sustainability excellence. Through its suite of comprehensive solutions, EnergyCAP continues to be a trusted partner in transforming the way organizations manage and optimize their energy resources.

About EnergyCAP:

EnergyCAP is a leading provider of energy and sustainability enterprise resource planning (ERP) solutions. With a proven track record of delivering exceptional value and results for over forty years, EnergyCAP helps thousands of public and private organizations optimize energy consumption, reduce costs, and enhance sustainability efforts. By providing robust data collection, analysis, and reporting capabilities, EnergyCAP empowers organizations to make informed decisions and achieve their energy management and sustainability goals.

Visit to learn more.

Related link:

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Free News Articles, Taxes and Accounting

Tax Help MD Provides Five Steps to Help Small Corporations Calculate QBI

WEST PALM BEACH, Fla. -- Tax Help MD helps self-employed individuals and small businesses to resolve tax issues. From basic tax filings to more complex situations, Tax Help MD wants its clients to come out on top. That's why it empowers them with information, so they can get the best tax benefits available.

"For example, many businesses are not aware that the qualified business income deduction (QBI) is a tax deduction that allows eligible, self-employed and small-business owners to deduct up to 20 percent of their qualified business income on their taxes," Ekaterina Drouin, president, Tax Help MD says.

Here, Tax Help MD lists the five steps small corporations need to follow to accurately calculate QBI:

1 - Identify eligible business activities: Determine which activities conducted by the small corporation qualify for the QBI deduction. Generally, most trades or businesses other than specified service trades or businesses (SSTBs) are eligible. SSTBs include professions such as law, accounting, healthcare, consulting, financial services and others.

2 - Calculate the QBI for each eligible business activity: For each eligible business activity, calculate the QBI separately. The QBI is generally the net income or loss from the activity, excluding certain items such as capital gains or losses, dividends and interest income.

3 - Consider limitations and thresholds: QBI calculations may be subject to various limitations and thresholds. One such limitation is the taxable income threshold, which can affect the availability and amount of the QBI deduction. For tax years beginning in 2021, the threshold is $329,800 for married filing jointly or $164,925 for individual taxpayers.

4 - Apply W-2 wage and qualified property limitations (if applicable): For certain businesses, there are additional limitations based on W-2 wages and qualified property. If the small corporation is subject to these limitations, calculate the allowable QBI deduction based on a combination of the QBI, W-2 wages paid by the business and the unadjusted basis of qualified property used in the business.

5 - Determine the QBI deduction: Once the QBI is calculated for each eligible business activity and relevant limitations are applied, then the overall QBI deduction for the small corporation can be determined. The QBI deduction is generally a percentage (up to 20 percent) of the total QBI from all eligible activities.

Tax Help MD staff warns that it's important to note that tax laws and regulations are subject to change, and there may be additional considerations and complexities involved in calculating QBI for small corporations. Therefore, consulting with a qualified tax professional or accountant who is familiar with specific circumstances is highly recommended to ensure accurate and compliant calculations.

"We're a small business - just like many of our clients - so we're intimately familiar with their situations and how to help them achieve the best outcomes possible," Drouin says.

About Tax Help MD:

In business since 2012, Tax Help MD is a results-driven, full-service tax resolution organization which specializes in helping taxpayers get free of the stress and strain of tax debt. It has a CPA and tax attorney on staff and will help to set up IRs payment plans as needed too.


Tax Help MD:

Related link:

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Awards and Honors, Business, Free News Articles, Taxes and Accounting

JTC CPAs Takes Home Top Honors at Idaho’s Best Awards 2023, Solidifying Their Place as State’s Premier Accounting Firm

BOISE, Idaho -- JTC CPAs, a leading accounting firm based in Idaho, is thrilled to announce their recent award-winning recognition as the 2023 best accountant in both Treasure Valley and statewide in Idaho. Winning the 2023 Best CPA for Treasure Valley and Best Statewide Accountant in Idaho awards is a great achievement for JTC CPAs, and it reflects the firm's dedication to excellence in the field of accounting. Both of these awards are a testament to the firm's commitment to providing high-quality accounting services and outstanding customer service to their clients in Idaho and beyond.

Who We Are

As a full-service accounting firm, JTC CPAs offers a wide range of accounting services, including tax planning and preparation, audit and assurance, business advisory, and bookkeeping services. Using a unique team approach to small business accounting, JTC CPAs provides personalized attention to each client, taking the time to understand their unique needs and goals and providing tailored, team-driven solutions to help them achieve their financial objectives.

JTC CPAs' team of highly qualified and experienced bookkeepers and accountants are committed to staying current with the latest developments in bookkeeping and accounting standards and regulations, ensuring that clients receive the most accurate and reliable financial advice and guidance.

Awarded Best Accountant

JTC CPAs received two awards for their outstanding accounting services: 2023 Best CPA for Treasure Valley and 2023 Best Statewide Accountant in Idaho. These awards were selected through a rigorous process that involved evaluation of different accounting firms based on various criteria.

The selection process for the awards was conducted by a panel of judges who evaluated each accounting firm based on their expertise, customer service, reputation, and community involvement. The judges took into consideration feedback from clients and industry experts, as well as the overall performance of the firms.

JTC CPAs was recognized for their exceptional accounting services, personalized attention to clients, and commitment to staying up-to-date with the latest developments in accounting standards and regulations. The firm's high level of expertise, experience, and customer service made them stand out from the competition, leading to their selection as the Best CPA for Treasure Valley and Best Statewide Accountant in Idaho.

These awards are a reflection of JTC CPAs' commitment to providing outstanding accounting services to clients across the state. The firm's focus on delivering personalized attention and tailored, team-driven solutions to clients has helped them build a strong reputation in the industry and earn the trust and loyalty of their clients.

Success in Accounting

JTC CPAs' success can be attributed to several key factors, including their expertise, professionalism, and client-centered approach. First and foremost, JTC CPAs' team of highly qualified and experienced accountants is a significant factor in their success. They have a deep understanding of the complexities of accounting and taxation, as well as stay current with the latest developments in accounting standards and regulations. This expertise enables JTC CPAs to provide their clients with accurate and reliable financial advice and guidance.

Another crucial factor that has contributed to their success is JTC CPAs' professionalism. They maintain the highest standards of professionalism in their work, ensuring that their clients receive the best possible service. From their timely and accurate reporting to their transparent communication with clients, JTC CPAs' professionalism is evident in every aspect of their work.

Additionally, JTC CPAs' client-centered approach has played a critical role in their success. They understand that every client has unique needs and goals, and they take the time to understand these needs and provide tailored solutions that are specific to each client's situation. This approach has helped them build strong relationships with their clients, resulting in high levels of customer satisfaction and loyalty.

Up To Date

Overall, JTC CPAs' commitment to staying up-to-date with the latest developments in accounting standards and regulations is also a significant factor in their success. This commitment ensures that they are always providing their clients with the most accurate and reliable financial advice and guidance, even as the accounting landscape continues to evolve.

While a lot of firms can also claim some of these attributes, JTC CPAs combine all of these attributes as part of their unique team-driven approach for an elevated client-centered experience. But don't just take their word for are a few comments from clients:

"Any question or concern we have ever had, they have done whatever that could to explain it. We truly appreciate everyone at JTC CPAs." ~Steve

"Informative, patient, quick, friendly, organized, & caring." ~Molly

"It's always a pleasure to use JTC CPAs for our tax preparation services."~Doug

Continued Effort Towards Education

JTC CPAs plans to continue investing in their team's education and training to stay current with the latest developments in accounting standards and regulations. This commitment to ongoing education and training for employees will ensure that JTC CPAs are always providing their clients with the most accurate and reliable financial advice and guidance.

Additionally, JTC CPAs plan to expand their services to meet the growing needs of their clients. They will continue to offer their existing services, such as tax planning and preparation, audit and assurance, business advisory, and bookkeeping services. Still, plans are in the works to explore new service offerings that will provide their clients with even more comprehensive and tailored solutions to their financial needs.

Wrap Up

With gratitude and excitement, JTC CPAs is looking forward to the future as they continue to provide clients with the stellar service and commitment to quality work as they always have using their unique team-driven approach to provide the best client-centered experience in Idaho and beyond.

Learn more:

Related link:

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Awards and Honors, Business, Free News Articles, Taxes and Accounting

Accounting Today Names KROST Top 100 Firm and Regional Leader 2023

LOS ANGELES, Calif. -- KROST has been recognized as a Top 100 Firm by Accounting Today for the third year in a row. The firm ranked 72nd with a 16.60% change in revenue from the previous year. In addition, KROST has also been named a Regional Leader of 2023. The firm recently launched a new service, KROST Fund Admin Solutions, to further assist and add value for their clients.

"We at KROST are once again honored to be recognized as a Top 100 Firm and a Regional Leader for 2023 by Accounting Today. It is through the hard work and dedication of our team that we have been able to consistently achieve this type of success. I am truly grateful to all of our team members who are so committed to excellent service and our mission, simplifying the complex," said Jason Melillo, CPA, CEO

Accounting Today's Top 100 Firms and Regional Leaders are the annual rankings of leading national and local firms, as well as their chief executives' take on the major issues facing their firms, and their strategies for success for the year and beyond. The awards recognize the largest tax and accounting firms by revenue, both regional and nationwide. Previously, Accounting Today has named KROST a Top 100 Firm in 2022 and 2021, Fastest Growing Firm in 2021 and 2018, a Top Regional Leader in 2019, and a Top Firm to Watch in 2017. To view the full list of KROST's awards and recognition, please visit

Accounting Today is the leading information resource for public accountants - serving the community of professionals who provide tax preparation, bookkeeping, auditing, financial planning, and business advisory and consulting services to individuals and small businesses. Accounting Today is sharply focused on the industry's most important concerns, including tax law, accounting standards, technology, audit and assurance, and wealth management. Its analysis and breaking news, opinion and expert advice, and practical business-building ideas enable partners, principals and practitioners to make informed decisions about their business and the clients they serve.


Established in 1939 in Pasadena, California, KROST is a full-service Certified Public Accounting and Consulting firm serving clients across various industries. Our focus is on recognizing opportunities and creating value for clients by equipping them with the tools to make better business and financial decisions for the future. As trusted advisors, clients depend on KROST to provide timely information, innovative solutions, and result-driven teamwork to ensure success. Along with providing traditional services, such as Tax, Accounting, and Assurance & Advisory, KROST also provides special services, including Client Accounting Services (CAS), Mergers & Acquisitions, Wealth Management, Tax Specialty Services, KROST Business Intelligence (KBI), and KROST Fund Admin Solutions.

Contact us for a complimentary consultation to see how our experts can customize a package dedicated to your needs:

Learn more about KROST's services:

Related link:

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Free News Articles, Legal and Law, Taxes and Accounting

Tax Court Case: Engineering Firm Overstated §179D Energy Efficient Commercial Building Property Deduction

COLUMBUS, Ohio -- In a recent case, Michael Johnson, et ux. v. Commissioner, the tax court denied the majority of a taxpayer's Energy Efficient Commercial Building Deduction under IRC §179D since it claimed a §179D Deduction exceeding the cost of the Energy Efficient Commercial Building Property (EECBP), says ICS Tax, LLC.


The §179D Deduction is a federal tax incentive designed to promote taxpayers to construct energy efficient buildings as well as encourage building owners to make improvements to existing structures that reduce energy and power costs. At the time of the case, the §179D Deduction provided a maximum deduction of up to $1.80 per square foot of the building's floor area and applies to interior lighting systems, heating, cooling, ventilation, hot water systems or building envelope. A special rule under §179D provides that architects, engineers, contractors, environmental consultants or energy services providers may also be eligible for the incentive on public projects. However, the amount of the §179D Deduction is limited to cost of the EECBP.

For an updated summary of the heavily revised §179D rules, go to

The Case

In this case, the taxpayer was an engineering firm in the business of installing heating, ventilation, and air conditioning (HVAC) systems. The taxpayer installed HVAC systems in a U.S. Dept. of Veterans Affairs (VA) hospital. This engineering firm had the §179D Deduction allocated to them such that they claimed a deduction of $1,073,237 for the 2013 taxable year, which was equal to the product of $1.80 and 596,243, the hospital's square footage. However, the cost of the EECBP was only $304,640. Hence, the tax court concluded that the §179D deduction was limited to the $304,640 cost of the EECBP.

Many professional service providers lack the expertise to properly analyze the complex tax rules and engineering requirements for the §179D Deduction. For a tax incentive requiring both a thorough knowledge of the tax code and engineering principles, it is essential to hire a fully qualified and experienced team that includes CPAs, attorneys, and professional engineers. It is also essential to thoroughly vet your §179D service provider, and at a minimum, perform an Internet search that can yield critical information.

Author: Alexander Bagne, JD, CPA, MBA, CCSP


ICS Tax, LLC (ICS) is a consulting firm providing innovative tax planning strategies. ICS collaborates with taxpayers and their tax professionals to identify credits and incentives that reduce tax liabilities and increase profitability. ICS provides nationwide service through its offices throughout the country. Learn more:

Related link:

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022