Energy deductions and credits, comment on energy project, appealing an IRS decision
Tax Resources for Small Business
Inside This Issue
Building owners who construct energy efficient buildings or increase the energy efficiency of existing buildings by at least 25% may be able to claim a tax deduction. Read more about the Energy Efficient Commercial Building Deduction.
The Department of the Treasury and the IRS issued Notice 2023-44 to provide more details for applicants seeking section 48C credit allocations in the qualifying advanced energy project credit allocation program under the Inflation Reduction Act.
The guidance is primarily of interest to owners of clean energy manufacturing and recycling projects, greenhouse gas emission reduction projects, and critical material projects.
The IRS redesigned the Understanding Your Form 1099-K webpage on IRS.gov to make it easier to understand and navigate.
It now separates information for personal items sold versus selling goods, renting property and providing services. It includes important information on Form 1099-K topics such as:
The IRS outlined the expanded home energy tax credits in an easy-to-understand e-poster. Taxpayers can learn about the credit amounts and types of qualifying expenses. Small businesses, please print and post or share the link.
Treasury and the IRS issued proposed regulations for applicants investing in certain solar and wind powered electricity generation facilities. Requests for comments are due by June 30, 2023.
The IRS issued the following Tax Tips about appeals:
Registration is now open for this year’s Nationwide Tax Forums, which take place in five cities. They kickoff in New Orleans on July 11 and continue in later weeks in Atlanta, the Washington, D.C. area, San Diego and Orlando. This marks the return to in-person sessions for the first time since 2019.
Sessions are filling up quickly. The IRS encourages tax professionals to view the schedule and sign up early.
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