Clean energy; get ready to file; reporting to Treasury who owns or controls the company; disaster relief

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e-News for Small BusinessJanuary 17, 2024

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Issue Number: 2024-01

Inside This Issue

  1. Three-day extension to submit sales reports for dealers and sellers of clean vehicles
  2. IRS updates FAQs for the new, previously owned and qualified commercial clean vehicle credit
  3. Treasury, IRS issue guidance on the tax credit for the production of clean hydrogen
  4. IRS opens free IRA and CHIPS registration tool for organizations to register to monetize clean energy credits; pre-filing office hours
  5. Get Ready with IRS filing resources for taxpayers
  6. Certain entities must report beneficial ownership information to Treasury
  7. Tennessee taxpayers impacted by storms and tornados qualify for tax relief – deadlines postponed to June 17
  8. Other tax news

1.  Three-day extension to submit sales reports for dealers and sellers of clean vehicles


The IRS extended the due date to Jan. 19, 2024, for dealers and sellers of clean vehicles to submit time-of-sale reports for vehicles sold Jan.1 through Jan. 16. The three-day grace period is provided in Revenue Procedure 2023-38.

The IRS recommends dealers and sellers to continue to submit time-of-sale reports through IRS Energy Credits Online (IRS ECO).

Dealers and sellers can register for assistance at IRS office hours.

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2.  IRS updates FAQs for the new, previously owned and qualified commercial clean vehicle credit


The IRS updated Fact Sheet 2023-29 to provide guidance related to critical mineral and battery component requirements for the new, previously owned and qualified commercial clean vehicle credits. Find more information about reliance.

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3.  Treasury, IRS issue guidance on the tax credit for the production of clean hydrogen


The Treasury Department and IRS issued proposed regulations for the tax credit for the production of clean hydrogen.

The guidance also provides procedures to petition the IRS for provisional emissions rate, requirements for verifying the production and sale or use of hydrogen, and requirements for modifying an existing hydrogen production facility to obtain a new original placed in service date for purposes of the credit.

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4.  IRS opens free IRA and CHIPS registration tool for organizations to register to monetize clean energy credits; pre-filing office hours


The IRS announced qualifying businesses, tax exempt organizations or entities such as state, local and Indian Tribal governments can now register using the IRA/CHIPS Pre-filing Registration Tool, available free from the IRS to take advantage of the elective payment or transfer of credits.

IRS offers office hours for help with the pre-filing registration process for elective payment and transfer of clean energy and CHIPS credits

The IRS is excited to offer office hours (through Microsoft Teams) to help entities with the pre-filing registration process on the new IRA/CHIPS Pre-filing Registration Tool.

Pre-filing registration is a required step for applicable entities and eligible taxpayers to take advantage of elective payment or transfer of credits available in the Inflation Reduction Act and CHIPS Act. Representatives from the IRS will be available to answer your pre-filing registration questions.

Registration for office hours is now open. Registration is required and can be completed by clicking on the links below.

January 16, 20241-2 pm ETRegister here
January 19, 20241-2 pm ETRegister here
January 23, 20241-2 pm ETRegister here
January 26, 20241-2 pm ETRegister here
January 30, 20241-2 pm ETRegister here
February 2, 20241-2 pm ETRegister here
February 6, 20241-2 pm ETRegister here
February 9, 20241-2 pm ETRegister here

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5.  Get Ready with IRS filing resources for taxpayers


Small businesses and self-employed taxpayers should check out IRS.gov for tips, tools and resources to get ready to file their 2023 federal income tax returns. This is the third in a series of reminders to help taxpayers get ready for the upcoming filing season. The Get Ready page on IRS.gov outlines steps taxpayers can take now to make filing easier in 2024.

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6.  Certain entities must report beneficial ownership information to Treasury


Certain entities may be required to report beneficial ownership information (BOI) to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). As of Jan. 1, 2024, certain types of corporations, limited liability companies and other similar entities created in or registered to do business in the United States must report information to FinCEN about their beneficial owners—the persons who ultimately own or control the company. BOI reporting is not an IRS program; all inquiries must be directed to FinCEN. FinCEN’s BOI E-Filing system is available for you to e-file the beneficial ownership information report.

Visit the Beneficial Ownership Information Reporting webpage for information.

FinCEN news release – U.S. Beneficial Ownership Information Registry Now Accepting Reports | FinCEN.gov

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7.  Tennessee taxpayers impacted by storms and tornados qualify for tax relief – deadlines postponed to June 17


The IRS provided tax filing and payment relief for individuals and businesses in parts of Tennessee affected by severe storms and tornados. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments. The relief pertains to areas designated by the Federal Emergency Management Agency (FEMA).

Taxpayers affected by disasters can find information on the most recent tax relief provisions on the IRS tax relief in disaster situations page. The IRS will update the disaster relief page as any new localities are added later to the affected areas.

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8.  Other tax news


The following information may be of interest to related to small businesses:

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