ThomsonReuters

DECEMBER 19, 2023

To encourage this shift, the IRS offers a range of renewable energy tax credits for alternative energy sources like solar, wind, and geothermal power. For accountants, understanding renewable energy tax credits and how they relate to individuals and businesses is essential in helping clients maximize their tax benefits.

Tax 110

Tax accounting and finance Manufacturing income tax 110

CPA Practice

DECEMBER 13, 2023

CPAs, tax professionals and finance and accounting teams need to take stock of all that is in the legislation because it may make a significant difference in tax savings for clients if they are eligible homeowners and businesses.

Tax 105

Tax cpas income tax accounting and finance 105

Withum

FEBRUARY 26, 2024

Previously, customers purchasing an EV could only apply for the credit on their individual federal income tax return, forcing them to wait up to a year or longer after purchasing the vehicle to realize the tax credit benefit. It extended the life of the credit through December 31, 2032.

Tax 52

Tax income tax tax return Sales 52

Withum

AUGUST 7, 2023

What Is the Federal Income Tax Credit for a Charging Station Utilized in a Trade or Business? Assume the charging stations meet all the requirements to be deemed qualifying charging stations for the federal income tax credits. How Do I Claim a Qualified Charging Station Federal Income Tax Credit?

income tax 52

income tax Construction Non-Profits Transportation 52

ThomsonReuters

NOVEMBER 9, 2022

This credit, which is worth up to $7,500 for buyers of new all-electric cars and hybrid plug-ins, has been extended through 2032. Starting January 1, 2023, consumers are eligible for a tax credit for used or previously owned clean vehicles. . The credit will not be allowed for any vehicle acquired after December 31, 2032. .

Manufacturing 105

Manufacturing Tax income tax Sports 105

Withum

OCTOBER 2, 2023

vehicle sales to be electric by 2032. of light and medium new vehicles sold in 2032 to be electric. Last-in-first-out (“LIFO”) accounting generally allows businesses to manage their year-to-year inflationary risks of replacing inventory. Auto dealerships are concerned about the high percentages noted, as only 5.8%

Washington 72

Washington income tax Tax Sales 72

Cherry Bekaert

JUNE 20, 2023

Changes to 45L In the IRA, the 45L tax credit was extended through 2032, with changes to qualifying standards beginning in 2023 when the credit transitions to the Energy Star criteria. Key 45L Updates: Beginning in 2023, new homes certified under the Energy Star programs are eligible for a $2,500 tax credit.

Tax 75

Tax Construction Manufacturing Real Estate 75