Tax credits

The mayor is delaying the city's $127 billion budget as he pressures the state to limit a pass-through entity tax credit used by financial businesses.

The IRS announced a streamlined way for Employee Retention Credit claimants to extend the two-year deadline to file a refund suit after a claim disallowance.

The Internal Revenue Service is offering taxpayers a new option to request more time to review a disallowance of an Employee Retention Credit claim.

Small businesses that don't qualify for a payroll tax break are still receiving it, despite the IRS's efforts to stop them, according to a new report.

U.S. states are moving to establish a pipeline of large-scale renewable energy projects that can qualify for billions of dollars in expiring federal tax credits.

For tax years 2023 and 2024, 45,386 returns claimed about $172 million in tax credits that ITIN holders were not eligible to receive.

Efforts to take advantage of the dramatic expansion of the Low-Income Housing Tax Credit have bumped up against some unintended consequences, say investors and developers.

Normally, election years are not very active years for tax legislation ... but there are signs this might not be a normal year.

The confusion over pending Employee Retention Credit claims is bad. The situation for disallowed claims is much worse.

The IRS issued Recovery Rebate Credits for the pandemic to nearly 301,000 ineligible taxpayers, many of whom were either immigrants or received extra payments.

Lawmakers in Congress have their eyes on several pieces of tax-related legislation that may or may not get passed this year, though the upcoming November midterm election is bound to affect any possibility of the bills advancing.

The Trump administration's interim guidance on clean energy tax credits offered some relief to the industry by laying out a manageable path for new projects.

The Trump administration issued new guidance on the use of foreign materials and components in U.S. clean energy projects.

The IRS and Treasury plan to propose regulations restricting energy-related tax credits when "prohibited foreign entities" provide material assistance.

The Internal Revenue Service has now closed nearly all outstanding claims for the employee retention credit aside from 41,000 claims still under exam or appeal.

The U.S. Tax Court ruled that innovations in livestock production can qualify for the research and development tax credit, establishing new case law.

The Internal Revenue Service and the Treasury released proposed regulations on the clean fuel production credit under the One Big Beautiful Bill Act.

The California governor wants to restart offering tax rebates for electric vehicles that are purchased in the state.

Postmarks and donations; tuning up your comp system; please, Santa…; and other highlights from our favorite tax bloggers.

The carryovers range from some $2.4 million in California and some $1.9 million in Texas to $44,851 in Alaska and $39,297 in Vermont.