TheInflation Reduction Act of 2022(IRA) allows eligible taxpayers to monetize certain energy related federal tax credits by either transferring those credits to an unrelated third-party or electing to treat the credits as refundable and receiving a direct payment of the credit amount. Eligible taxpaye...
The Internal Revenue Service has answered a key questionnover how wind developers can qualify for a major federal taxncredit, a move expected to spur additional wind-energy projects,nindustry and legal sources said last week.Brian ScheidPlatts Inside Energy...
On November 30, 2022, the Internal Revenue Service publishedNotice 2022-61in the Federal Register, providing guidance on the prevailing wage and apprenticeship requirements that, if met, entitle Indian tribal governments ("Tribe...
As detailed in our prior blog post, which may be foundhere, If a Facility is located in an “energy community,” the production tax credit amount is increased by 10% under section 45(b)(11) of the Code. Under Section 48(a)(14) of the Code, the percentage increase for the investment...
Background – Tax Credit Qualification and Continuity Safe Harbor Most U.S. renewable energy projects qualify for federal income tax credits which, depending on the asset class, are based on either how much the project costs to build (i.e., investment tax credits) or how much energy is prod...
it’s important to note that at this time, those who participate in IRS Direct File cannot use the program to prepare and file state tax returns. This means that any participants who use IRS Direct File to prepare a federal tax return will also need to separately use another tax prep prog...
IRS publications are helpful guides the IRS provides to educate taxpayers. There are IRS publications covering nearly every topic, from reporting tip income to filing taxes as a business owner and how extensions work. Looking for answers on key tax topic
If you qualify, fill out and submit Form 5695, Residential Energy Credits with your federal tax return. You'll need to claim the credit for the tax year when the equipment is actually installed, not just purchased. Beyond what's offered by the IRS, you may also get a state rebate. Then...
Many Americans got ashocklast year when the expiration of pandemic-era federal benefits resulted in their receiving a smaller tax refund check. That unwelcome surprise raises the question of what taxpayers can expect this year. The good news: People could see bigger refunds this year, with some...
Notice 2024-13 requests comments on assigning product identification codes to certain products eligible for the Section 25C energy efficient home improvements tax credit.