Tax credits

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.