When the Inflation Reduction Act (IRA) was signed, it greatly increased the benefits of the Section 179D Energy Efficient Commercial Buildings Deduction (Section 179D) for A&E firms. A large part of the process when claiming the Section 179D deduction relies on keeping strict documentation. Form 7205 is a form in the claiming process that qualified businesses and individuals use to calculate the deduction, mark yourself as the designer or building owner, and provide information on the person performing the certification and completing the allocation.
The Internal Revenue Service (IRS) released an updated Form 7205 in February 2023. In today’s Professional Services podcast, Cherry Bekaert leaders Scott Duda, Professional Services Industry Leader, and Ron Wainwright, Tax Credit & Incentive Advisory Partner, discuss:
- Background on Form 7205
- Form 7205 benefits for A&E firms
- Impact of the IRA on A&E firm eligibility for Section 179D benefits
- Requirements to qualify for Section 179D benefits
- Form 7205 requirements
- Form 7205 utilization
- Future focus areas for A&E firms in 2023
Related Insights
- New IRS Form 7205 for Returns Requiring Section 179D Documentation
- How Can A&E Firms Take Advantage of New Tax Credits in the Inflation Reduction Act?
- What the New Audit Technique Guidelines Mean for Cost Segregation
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