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 Internal Revenue Service said that more than 1,000 projects have been registered through the agency’s Energy Credits Online tool.
The tool was created to help taxpayers who are taking advantage of clean energy tax credits through one of two delivery mechanisms created by the Inflation Reduction Act – elective pay (also known as direct pay) and transferability. Credits made available by the CHIPS Act can also be registered through the ECO tool.
Taxpayers can use the tool to complete the pre-file registration process, which generates a registration number that is used on the taxpayer’s annual return when making a direct payment or choosing the transfer election for a clean energy credit.
“This new tool helps key groups with these clean energy credits as well as improves communication and reduces compliance issues,” IRS Commissioner Daniel Werfel said in a January 18, 2024, statement.“This effort is part of our larger transformation effort underway across the IRS as our efforts continue to accelerate.”
The agency reported that as of this week, about 145 entities have requested registration numbers for nearly 1,300 projects across 40 states and territories. More than 1,170 of these projects involve the transfer of clean energy credits while more than 1,110 will involve direct pay.
“The value of the tax credits for these projects will be determined when the credit recipient files their taxes,” the agency said in the statement.
By Gregory Twachtman, Washington News Editor
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