Tax credits

California Governor Gavin Newsom is promising to step in with a state electric-car tax credit if Trump repeals a federal subsidy after he takes office.

If the incoming Trump administration eliminates the $7,500 federal tax credits for electric vehicles, that would mean the end of popular leases.

If your clients thinking of buying an electric car or an energy-saving heat pump eligible for federal tax credits and rebates, now might be the time.

Although no Republicans voted for the measure two years ago, some of its incentives, such as tax credits for producing hydrogen and capturing carbon dioxide, are very popular with oil companies and other core GOP constituencies.

What looks like a domestic triumph is also a win for America's primary industrial and geopolitical rival.

It's the latest in a series of tax breaks announced by the Republican nominee with the election only about a week away.

Final regulations are also available for the Advanced Manufacturing Production Credit established by the Inflation Reduction Act.

The Internal Revenue Service set the credit at $1.25 to $1.75 per gallon of fuel with a minimum reduction of 50% of GHGs.

The Biden administration finalized rules for a 25% tax credit for semiconductor manufacturing projects, including solar wafers.

The Internal Revenue Service says it is processing some 400,000 claims for the Employee Retention Credit, representing about $10 billion of eligible claims.

Third-party payers like payroll providers can now withdraw claims for individual clients.

If elected, Trump would go into negotiations with Congress regarding a set of tax proposals totaling $11 trillion and counting, according to the Tax Foundation.

The IRS is reminding tax pros and employers that the window for voluntarily disclosing incorrect ERC claims is Nov. 22.

The Internal Revenue Service has proposed guidance on the credit, which was modified by the Inflation Reduction Act.

Between the coming sunset of the Tax Cuts and Jobs Act, the presidential election and a host of other factors, this is shaping up to be a tough year for advising clients.

Those earning between $30,000 and $40,000 filed 3,160,016 refundable CTC claims and received a total of $6,561,128,000 in refunds.

The vice president noted her plans for expanding the child tax credit, offering mortgage assistance to new homebuyers, and a deduction for small businesses — while attacking Trump over proposed tariffs.

Tax targets; getting creative; one SALT workaround; and other highlights from our favorite tax bloggers.

Investments in solar installations made are expected to fund the generation of close to 2 billion kilowatt hours of clean electricity each year in underserved places.

This combination of trusts, credits and other tax strategies are great ways help wealthy clients protect their families and their businesses.