IRS Highlights New Business Tax Account Features, FS-2024-27
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
Read MoreThe IRS has reminded eligible contractors who build or substantially reconstruct qualified new energy efficient homes that they might qualify for a tax credit up to $5,000 per home under Code Sec. 45L. The expansion of credit was done as part of the Inflation Reduction Act of 2022. To qualify for the said expansion of credit, eligible contractors must meet all requirements under Code Sec. 45L of the Internal Revenue Code prior to claiming the credit. In addition, guidance interpreting Code Sec. 45L may be found in Notice 2008-35 (and Notice 2008-36, for manufactured homes). Further, the IRS informed contractors to use Form 9808, Energy Efficient Home Credit, to claim the credit; and if the source to claim the credit is from a partnership or S corporation, eligible contractors should use Form 3800, General Business Credit.
Contractors eligible to claim credit for the new energy efficient homes are those who have acquired the said house by sale or lease by an individual from that contractor during the tax year for use as a residence. The homes must also be specified categories of single-family (including manufactured) or multifamily homes under Energy Star programs; be located in the United States and meet applicable energy saving requirements based on home type and acquisition date.
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
Read MoreThe IRS has issued a series of questions and answers for 401(k) and similar retirement plans that provide, or wish […]
Read MoreThe IRS Whistleblower Office has recognized the contributions of whistleblowers on the occasion of National Whistleblower Appreciation Day, which falls on July […]
Read MoreThe floating interest rate applicable to taxes administered by the Florida Department of Revenue on underpayments (deficiencies) and late payments […]
Read MoreThe IRS has updated frequently asked questions (FAQs) to provide guidance related to the critical mineral and battery component requirements […]
Read MoreThe IRS has issued a reminder that summer day camp expenses may be eligible for the Child and Dependent Care tax […]
Read MoreThe IRS has warned taxpayers not to fall for scams centered around the Fuel Tax Credit, the Sick and Family […]
Read MoreThe IRS has issued a cautionary alert to taxpayers about a new scam exploiting clean energy tax credits. This emerging […]
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