ThomsonReuters

DECEMBER 19, 2023

Renewable energy tax credits incentivize the adoption of eco-friendly energy sources, benefiting both the environment and the economy. You must claim the credit for the tax year when the property is installed, not merely purchased. Residential Clean Energy Tax Credit If you invest in renewable energy (i.e.,

Tax 110

Tax accounting and finance Manufacturing income tax 110

Cherry Bekaert

NOVEMBER 14, 2023

Generally, taxpayers must identify the replacement property within 45 days of selling the relinquished property, and then acquire the replacement property within 180 days of the sale transaction or by the due date of the tax return. or 39-year lives. Each state has different eligibility requirements and PTE election regimes.

Real Estate 109

Real Estate tax planning Construction Tax 109

CPA Practice

DECEMBER 21, 2023

16, 2022, and provides numerous tax deductions and tax credits for individuals, families, and businesses. New tax incentives were added, and existing tax incentives were extended and enhanced. Look at any possible state and/or local tax incentives to determine the full benefit for your clients. Starting on Jan.

tax return 52

tax return Manufacturing Tax CPA 52

Withum

FEBRUARY 26, 2024

Previously, customers purchasing an EV could only apply for the credit on their individual federal income tax return, forcing them to wait up to a year or longer after purchasing the vehicle to realize the tax credit benefit. It extended the life of the credit through December 31, 2032.

Tax 52

Tax income tax tax return Sales 52

Withum

AUGUST 7, 2023

What Is the Federal Income Tax Credit for a Charging Station Utilized in a Trade or Business? Assume the charging stations meet all the requirements to be deemed qualifying charging stations for the federal income tax credits. How Do I Claim a Qualified Charging Station Federal Income Tax Credit?

Construction 52

Construction income tax Non-Profits Transportation 52

Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Postpone income until 2023 and accelerate deductions into 2022. Cost segregation is recognized as an engineering-based tax study accepted by the IRS.

tax planning 98

tax planning Tax Construction income tax 98

Withum

NOVEMBER 18, 2022

While in previous taxable years, not-for-profits were limited to capturing these cash benefits directly unless they had unrelated business income tax (“UBIT”), under the IRA, all not-for-profits are incentivized to invest in clean energy infrastructure through the direct payment program regardless of tax liability.

Non-Profits 72

Non-Profits income tax Manufacturing Tax 72