Tax credits

In spite of the lack of new tax legislation so far this year, taxpayers and tax preparers have plenty to focus on in preparing 2023 returns.

Most new claimants don't qualify for the Employee Retention Credit, experts say — but that hasn't stopped facilitators from promoting it.

The service is giving employers a way to rescind inaccurate claims for the Employee Retention Credit if they've fallen victim to a scam.

New guidance explains how buyers of electric vehicles can transfer their tax credits to dealers and get advance payments that lower the cost.

The 2022 law created two new credit delivery mechanisms, allowing governments, nonprofits and other entities to take advantage of the credits.

GOP members of Congress are demanding answers from the service about the backlog in processing claims for the credit, only weeks after the IRS imposed a moratorium.

Eleven states have created or expanded a fully refundable child tax credit following the expiration at the end of 2021 of the federal measure, which enabled families to get as much as $3,600 per child.

The Treasury Department is in the midst of writing rules for how it will distribute the measure's tax credits from hydrogen projects to low-carbon aviation fuel, but work on that guidance could grind to a halt if the government closes.

The service released information on two energy-related tax breaks under the Inflation Reduction Act.

The service is encouraging employers to work with qualified tax professionals rather than shady promoters.