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.

While it's true that many companies qualify for the employee retention tax credit, there is significant concern about abuse and fraud.

The government is requesting responses on implementing the Inflation Reduction Act's climate proposals by Nov. 4 or sooner.

Although the law includes several benefits, many manufacturers and trade groups were disappointed it did not repeal the Section 174 R&D expenditure capitalization requirements of the TCJA.

The service is giving companies and tax professionals another year to fix up their claims for the research and development tax credit.

The vast majority of advance payments of the CTC went to eligible families, but millions of taxpayers who should have received the money did not, while millions of others who didn't qualify got them.

Not keeping abreast of the green provisions of the Inflation Reduction Act could lead to trouble.

The service published updated information about the credit after a scathing investigative report about how the longtime tax credit is being abused.

ERC "mills" have come out of the woodwork to lure small business owners into taking a lucrative tax credit they don't qualify for. Here's what advisors need to know.

The Act provides higher deductions for meeting prevailing wage and apprenticeship requirements.

Will the average taxpayer qualify for a larger deduction or credit, or will their eligibility drop?