Tax credits were enacted recently to encourage increased production and use of sustainable aviation fuel in lieu of conventional jet fuel, which produces around 3% of the world’s annual carbon emissions.
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Credits
The CHIPS Act’s semiconductor production credit
This article summarizes the key features of the new Sec. 48D advanced manufacturing investment tax credit and highlights key considerations for manufacturers of semiconductors and semiconductor manufacturing equipment.
Inflation Reduction Act of 2022: Prevailing wage and apprenticeship requirements
This item addresses and summarizes the prevailing wage and apprenticeship requirements of the Inflation Reduction Act, to which credits the labor requirements apply, and taxpayer considerations related to the labor requirements.
The research credit: Funded research
Two recent court cases involving the research credit examine the Sec. 41(d)(4)(H) funded-research exclusion.
Energy-efficient home improvement credit
For qualifying property placed in service after 2022, the nonbusiness energy property credit has been expanded and renamed as the energy-efficient home improvement credit.
Change allows more vehicles to qualify for the new clean vehicle tax credit
Treasury and the IRS said Friday the IRS will use the EPA Fuel Economy Labeling Standard in proposed regulations to define which vehicles are eligible for the Sec. 30D clean vehicle tax credits, enacted as part of the Inflation Reduction Act.
The Inflation Reduction Act’s energy- and climate-related tax provisions
This article provides a high-level summary of the changes and discusses their implications for taxpayers.
One deadline approaches for over 9 million eligible for pandemic-era benefits
In October, the IRS said it would leave Free File open for an extra month, until Thursday, so eligible taxpayers can claim their share of several benefits including the 2021 recovery rebate credit, the child tax credit, and the earned income tax credit.
IRS seeks comments on several green energy tax credits
The IRS asks for comments by Dec. 3 on tax credits included in the Inflation Reduction Act, including the commercial clean vehicles provision.
New process provided for anonymous reporting of ERC mills
In a move the AICPA supports, the IRS is providing a new way to make anonymous reports about third-party vendors promoting improper claims for the employee retention credit.
Final regulations adopt ‘family-friendly’ health care affordability test
Previous regulations had based the affordability of employer-offered coverage for family members on the cost of an employee’s self-only coverage.
R&D credit claim transition period extended
Taxpayers now have until Jan. 10, 2024, to supply missing information within 45 days of submitting a Sec. 41 research and development credit refund claim under new requirements.
Employee retention credit: Navigating the suspension test
This item is intended to help mitigate risk for those still pursuing the ERC by breaking down the suspension test into its core components and shedding light on areas to proceed with caution.
AICPA again critiques new IRS requirements for R&D credits
In a second letter, the AICPA takes issue with broad new documentation requirements for refund claims involving the Sec. 41 credit, outlined in an IRS memo in fall 2021.
Guidance on clean vehicle tax credit
The IRS explained the new requirement that a car’s or truck’s final assembly occurred in North America to qualify for the tax credit on the purchase of clean-running vehicles.
Congress enacts tax and climate bill
With Senate amendments approved by the House on Friday, the budget reconciliation bill now known as the Inflation Reduction Act will go to the president for his signature.
CHIPS and Science Act with semiconductor tax credit passes Congress
The bill now goes to President Joe Biden, who has said he will sign it into law.
Senate deal paves way to reconciliation bill with tax provisions
A federal budget reconciliation bill with tax provisions, including a 15% corporate minimum tax and a variety of tax credits, took a step closer to reality with Sen. Joe Manchin’s agreement to the package’s contents.
IRS mostly correct on recovery rebate credits, TIGTA says
The IRS administered the recovery rebate credit correctly for all but 0.7% of returns in the 2021 filing season, the Treasury Inspector General for Tax Administration found.
Procedures for Puerto Rico residents to claim a 2021 child tax credit
The IRS provides two simplified filing methods for bona fide residents of Puerto Rico to claim the child tax credit.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
