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Clean energy credits: what you need to know about Alaska Native Corporations; Are Alaska Native Corporations eligible?

Clean energy credits: what you need to know about Alaska Native Corporations Tax-exempt and governmental entities can benefit from clean energy tax credits using new options enabled by the Inflation Reduction Act of 2022 (IRA). This newsletter is part of a series from the IRS to provide information to Indian tribal governments about clean energy tax credits and how to make elective payment elections. The IRA allows Indian tribal governments and Alaskan Native Corporations to benefit from certain clean energy tax credits through elective pay. For tax years beginning after December 31, 2022, an applicable entity that qualifies for a clean energy tax credit can make an elective payment election. This election will treat certain credits as a payment against their federal income tax liabilities rather than as a nonrefundable credit. The amount of the credit will first offset any tax liability of the entity and any excess will be refundable. Are Alaska Native Corporations eligible? Yes. Any Alaska Native Corporation (as defined in section 3 of the Alaska Native Claims Settlement Act (43 U.S.C. 1602(m)) is eligible, meaning any Regional Corporation, any Village Corporation, any Urban Corporation and any Group Corporation, which is organized under the laws of the State of Alaska. Settlement Trusts are not eligible based on affiliation with an Alaska Native Corporation but do qualify if the Settlement Trust qualified for exempt status under section 501(a) and applied for and received a determination letter from the IRS recognizing any such tax-exempt status. Publication 5817-C has more information about elective pay and Alaska Native Corporations. Additional information about clean energy credits can be found at irs.gov/tribes and IRS.gov/cleanenergy.

Understanding Clean Energy Credits for Alaska Native Corporations In an era where clean energy is increasingly prioritized, tax-exempt and governmental entities have the opportunity to benefit from clean energy tax credits. This is made possible through new options introduced by the Inflation Reduction Act of 2022 (IRA). This article aims to provide valuable information to […]

Information Returns Intake System (IRIS) Working Group Meeting

Attention: Software Developers and Information Return Transmitters Please join us for an Information Returns Intake System (IRIS) Working Group Meeting. This call is intended for software developers, transmitters and states interested in the IRIS system. The purpose is to provide IRIS-related information that can better help users avoid unnecessary filing errors, address any known issues or workarounds and to provide important filing dates and deadlines. Please plan to join the meeting. Information Returns Intake System (IRIS) Working Group Meeting Wednesday, November 8Th 1:00 PM - 2:00 PM EDT Online event Thank you for subscribing to QuickAlerts for Tax Professionals, an IRS e-mail service. If you have an idea or a question related to QuickAlerts you can contact us by e-mail . Submissions which are not related to QuickAlerts will not be processed. If you have tax related questions you should pursue normal customer service channels provided on IRS.gov. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically. Please Do Not Reply To This Message.

Join the Information Returns Intake System (IRIS) Working Group Meeting Calling all software developers, transmitters, and states with an interest in the Information Returns Intake System (IRIS)! We’re extending an invitation to you to participate in our upcoming IRIS Working Group Meeting. This meeting has been designed specifically with you in mind, as we aim […]

Information Returns Intake System (IRIS) Working Group Meeting

Attention: Software Developers and Information Return Transmitters Please join us for an Information Returns Intake System (IRIS) Working Group Meeting. This call is intended for software developers, transmitters and states interested in the IRIS system. The purpose is to provide IRIS-related information that can better help users avoid unnecessary filing errors, address any known issues or workarounds and to provide important filing dates and deadlines. Please plan to join the meeting. Information Returns Intake System (IRIS) Working Group Meeting Wednesday, November 8Th 1:00 PM - 2:00 PM EDT Online event Thank you for subscribing to QuickAlerts for Tax Professionals, an IRS e-mail service. If you have an idea or a question related to QuickAlerts you can contact us by e-mail . Submissions which are not related to QuickAlerts will not be processed. If you have tax related questions you should pursue normal customer service channels provided on IRS.gov. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically. Please Do Not Reply To This Message.

Join the Information Returns Intake System (IRIS) Working Group Meeting Calling all software developers, transmitters, and states interested in the Information Returns Intake System (IRIS)! We are inviting you to participate in an upcoming IRIS Working Group Meeting. This event is designed to provide valuable insights about the IRIS system, specifically tailored to your needs. […]

#ICYMI Top CI Stories from the Past Week

ICYMI: Top IRS Criminal Investigation (CI) Stories From The Past Week Nov. 6, 2023 Useful Links About CI What do we investigate? How investigations are initiated J5 international partnership IRS.gov/CI Tax Schemes and Fraud Tax Fraud Alerts Report Suspected Tax Fraud Voluntary Disclosure CI Newsroom CI News Releases CI Resources CI Annual Reports Week of Oct. 30 - Nov. 5 #ICYMI Top CI Stories from the Past Week 1. Founders and executives of digital-asset company charged in multimillion dollar international fraud scheme The defendants are alleged to have deliberately misled investors and enriched themselves by purchasing a custom Porsche sports car and real estate, among other things. 2. Chief Lee announces results of J5 Challenge Financial investigators from all five countries and private sector partners uncovered high dollar, high impact, and multi-jurisdictional cases involving darknet marketplaces, child exploitation, and pig-butchering schemes. 3. Federal and state law enforcement officials assemble in show of unity against fentanyl trafficking San Francisco CI joins law enforcement initiative to collaborate, cooperate, and coordinate local response to fentanyl epidemic. 4. Bank insider charged with accepting bribes to facilitate millions of dollars of money laundering 5. J5 meets in Canada for the fifth iteration of the Challenge This year’s iteration of the Challenge focused on data mining and financial reporting relating to crypto-assets and technology-enabled financial threats. CI is the criminal investigative arm of the IRS, responsible for conducting financial crime investigations, including tax fraud, narcotics trafficking, money-laundering, public corruption, healthcare fraud, identity theft and more. CI special agents are the only federal law enforcement agents with investigative jurisdiction over violations of the Internal Revenue Code, obtaining a more than a 90 percent federal conviction rate. The agency has 20 field offices located across the U.S. and 12 attaché posts abroad.

Highlights of the Week: Top Stories from IRS Criminal Investigation In case you missed it, here are the top stories from the IRS Criminal Investigation (CI) division for the week of November 6, 2023. About CI and Its Role The CI division of the IRS is responsible for conducting financial crime investigations. This includes tax […]

e-News for Tax Professionals 2023-44

E-signature, encrypted email extension; EA renewal; Tax Forums Online; 401(k), IRA contribution increase; and more Upcoming Events Seminars, Workshops, Conferences, and Other Practitioner Activities By State: Issue Number: 2023-44 Inside This Issue * IRS extends use of electronic signatures, encrypted email * Enrolled agent renewal season underway * Continuing education credit available through Nationwide Tax Forums Online * Contribution limits for 401(k), IRA plans increase in 2024 * Review tax withholding now before time runs out * Protect your clients, protect yourself against online threats * Digital asset public hearing rescheduled for Nov. 13 * New IRS Energy Credits Online tool allows sellers of clean vehicles to register for time-of-sale reporting, advance credit payments

e-News for Tax Professionals 2023-44: Key Highlights and Updates In this issue, we delve into a range of pertinent topics that every tax professional needs to be aware of. From the extension of electronic signatures and encrypted email use to the increase in contribution limits for 401(k) and IRA plans, we cover it all. Let’s […]

Clean energy credits: what you need to know about timely filing; How do I timely file my return?

Clean energy credits: what you need to know about timely filing Tax-exempt and governmental entities can benefit from clean energy tax credits using new options enabled by the Inflation Reduction Act of 2022 (IRA). This newsletter is part of a series from the IRS to provide information to Indian tribal governments about clean energy tax credits and how to make elective payment elections. The IRA allows Indian tribal governments and Alaskan Native Corporations to benefit from certain clean energy tax credits through elective pay. For tax years beginning after December 31, 2022, an applicable entity that qualifies for a clean energy tax credit can make an elective payment election. This election will treat certain credits as a payment against their federal income tax liabilities rather than as a nonrefundable credit. The amount of the credit will first offset any tax liability of the entity and any excess will be refundable. How do I timely file my return? An elective payment election may only be made on an original, timely filed return (including extensions). This means the deadline is the due date (including extensions of time) for the tax return for the taxable year for which the election is made. For most tax exempt and government entities including Indian tribal governments this is generally 4.5 months (for example, May 15 for a calendar year taxpayer) (or up to 10.5 months with extensions) after the end of the entity's tax year. An original return includes a superseding return filed on or before the due date (including extensions). No election is permitted to be made on an amended return or by filing an administrative adjustment request under section 6227 of the Code. There is no relief available under §§ 301.9100-1 through 301.9100-3 of the Procedure and Administration Regulations (26 CFR part 301) for an elective payment election that is not timely filed. For additional information on due dates for filing Form 990-T, see Instructions for Form 990-T. An automatic six-month extension from the original due date will be granted without filing Form 8868, Application for Extension of Time to File. (REG-101607-23, RIN 1545-BQ63 NPRM, Section 6417 Elective Payment of Applicable Credits at, page 36) Additional information about clean energy credits can be found at irs.gov/tribes and IRS.gov/cleanenergy.

Understanding Clean Energy Credits and Timely Filing The Inflation Reduction Act of 2022 (IRA) has introduced new opportunities for tax-exempt and governmental entities to leverage clean energy tax credits. This includes Indian tribal governments and Alaskan Native Corporations, who can now make elective payment elections to benefit from these credits. The Inflation Reduction Act and […]