Tax credits

With the end of the year just around the corner, now is a great time to discuss tax planning with your clients.

Republicans — who are expected to control the House as of January — want tax breaks for private equity, manufacturers and businesses. For their part, Democrats want to expand the child tax credit.

The Internal Revenue Service released three notices asking for comments on the guidance it should issue related to some of the renewable energy-related provisions of the Inflation Reduction Act.

Direct Pay problem; fees, cautions for those starting out; new blog on the block; and other highlights from our favorite tax bloggers.

Treasury Secretary Janet Yellen is throwing cold water on expectations that the agency will provide relief to foreign automakers lobbying against stringent limits on a popular electric-vehicle tax credit.

"ERC mills" are encouraging applications for the tax credit from businesses that may not qualify for the pandemic relief program.

Hyundai Motor Co. and the South Korean government are ratcheting up lobbying to loosen restrictions that Senator Joe Manchin fought to include in this year's U.S. climate law.

After the midterm elections, Republicans and Democrats will be focusing on a compromise to extend tax breaks for both groups.

The Internal Revenue Service is sending out letters this week to more than 9 million potentially eligible families who didn't previously claim economic impact payments or tax credits.

The transition period has now been extended through Jan. 10, 2024 in which taxpayers are afforded a full 45 days to perfect a R&D tax credit claim for refund.