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Clean energy credits: what you need to know about elective pay

Clean energy credits: what you need to know about elective pay 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 make an elective pay election? The elective payment election is made on your annual tax return in the manner prescribed by the IRS, along with any form required to claim the relevant tax credit (source credit forms), a completed Form 3800, General Business Credit (or its successor), and any additional information, including supporting calculations, required in instructions to the relevant forms. As previously described, making an elective payment election requires completing multiple steps, including completing the required pre-filing registration process. The term annual tax return includes— for any person normally required to file an annual tax return with the IRS, such annual return (including Form 990-T for organizations with unrelated business income tax or a proxy tax under section 6033(e)). for any person that is not normally required to file an annual tax return with the IRS (such as taxpayers located in the territories), the return they would be required to file if they were not located in the territories, or, if no such return is required (such as for State, local, or Indian tribal governmental entities), the Form 990-T Exempt Organization Business Income Tax Return; and for short tax year filers, the short year tax return. Electronic return filing is strongly encouraged. Each entity making an elective payment election must have a unique EIN. More information about applying for an EIN is available in this video. Additional information about clean energy credits can be found at irs.gov/tribes and IRS.gov/cleanenergy.

Understanding Clean Energy Credits and Elective Pay The Inflation Reduction Act of 2022 (IRA) has introduced new opportunities for tax-exempt and governmental entities to benefit from clean energy tax credits. This includes Indian tribal governments and Alaskan Native Corporations, who can now leverage these credits through an elective pay option. Starting from the tax year […]

Cuenta para profesionales de impuestos del IRS tiene nuevas herramientas para profesionales de impuestos

La cuenta para profesionales de impuestos es un portal de autoservicio digital para que los profesionales de impuestos gestionen las relaciones autorizadas con sus clientes y vean la información tributaria de los clientes. El IRS actualizó recientemente la cuenta para profesionales de impuestos para permitir a los profesionales de impuestos enviar solicitudes de autorización de información tributaria y poder notarial directamente a la cuenta en línea individual del IRS de un cliente. Una vez que el cliente verifica y aprueba la solicitud, la autorización se agrega inmediatamente a la base de datos del archivo de autorización centralizado. Esto acorta los tiempos de procesamiento y elimina la necesidad de enviar por fax, correo postal o cargar documentos. La persona que solicita un poder debe tener autoridad para ejercer ante el IRS como abogado, contador público certificado o agente registrado, actuario o agente de planes de retiro. Para usar la cuenta para profesionales de impuestos, los profesionales de impuestos deben tener: Un número de archivo de autorización centralizado (CAF) al día que se les asigna como individuo. Para solicitar un número CAF por primera vez, los profesionales de impuestos pueden presentar una autorización de terceros con los Formularios 2848 o 8821. Las solicitudes de números CAF no se realizarán a través de la cuenta para profesionales de impuestos. Una dirección CAF en los 50 Estados Unidos o el Distrito de Columbia. Características de la cuenta para profesionales de impuestos: Ver la información tributaria de los clientes, incluidos los montos del saldo adeudado. Enviar una solicitud de POA o TIA a la cuenta en línea del IRS de un individuo. Ver y retirar POA y TIA activos. Administrar y retirar las autorizaciones de clientes activas registradas en la base de datos de CAF. Más información: Publicación 5533-A, Cómo enviar autorizaciones usando la cuenta para profesionales de impuestos y la cuenta en línea (en inglés) Publicación 947(SP), Cómo Ejercer ante el Servicio de Impuestos Internos (IRS) y el Poder Legal Poder notarial y otras autorizaciones (en inglés) Guía de accesibilidad de la cuenta para profesionales de impuestos (en inglés) Profesionales de los impuestos pueden usar su cuenta profesional para simplificar solicitudes de autorización

IRS Tax Professional Account: New Tools for Tax Professionals The IRS Tax Professional Account is a self-service digital portal designed to assist tax professionals in managing authorized relationships with their clients and accessing their clients’ tax information. The IRS recently updated this account to facilitate tax professionals in submitting tax information authorization (TIA) and power […]

Clean energy credits: what you need to know about claiming and receiving credits

Clean energy credits: what you need to know about claiming and receiving credits Tax-exempt and governmental entities can benefit from clean energy tax credits using new options enabled by the Inflation Reduction Act of 2022 (IRA). The IRA allows certain exempt organizations 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. Available clean energy credits For information on which clean energy tax credits are available, Publication 5817-D has a list of elective pay eligible tax credits. Pre-filing registration information A pre-filing registration process must be completed, and a registration number received, prior to making an elective payment election on an annual tax return. Applicable entities will need their own Employer Identification Number (EIN) or Tax Identification Number (TIN) to complete the pre-filing registration process. Applicable entities cannot use or borrow the EIN of a related entity. Find additional information on applying for an EIN at IRS.gov/ein. The online pre-filing registration process is expected to launch in late 2023. After the launch, you may complete pre-filing registration as soon as you have all the information required. More detail will be available as the launch approaches. To complete pre-filing registration, you must provide certain information about yourself, the applicable credits you intend to earn, each eligible project or property that will contribute to the applicable credit, and certain additional information. The IRS will review the information provided and will issue a separate registration number for each applicable credit property for which the applicable entity or electing taxpayer provided sufficient verifiable information. Registration is not complete until a registration number is received. How to make an elective payment election for a clean energy tax credit: Identify and pursue the qualifying project or activity: You will need to know which credit you intend to earn. Determine your tax year, if not already known: Your tax year will determine the due date for your tax return. Complete pre-filing registration with the IRS. Satisfy all eligibility requirements for the tax credit and any applicable bonus credits, if applicable, for a given tax year: For example, to claim an energy credit on a solar energy generating project, you would need to place the project in service before making an elective payment election. You will need the documentation necessary to properly substantiate any underlying tax credit, including if bonus amounts increased the credit. File the required annual tax return by the due date (or extended due date) and make a valid elective payment election. This includes properly completed and attached source credit forms, Form 3800 (including registration numbers) and required return attachments. Additional information about clean energy credits can be found at IRS.gov/cleanenergy.

Understanding Clean Energy Credits: A Guide on Claiming and Receiving Credits Tax-exempt organizations and governmental entities have a unique opportunity to benefit from clean energy tax credits. Thanks to the Inflation Reduction Act of 2022 (IRA), these entities now have new options to leverage these credits. The IRA has made it possible for certain exempt […]

Clean energy credits: what you need to know about claiming and receiving credits

Clean energy credits: what you need to know about claiming and receiving credits Tax-exempt and governmental entities can benefit from clean energy tax credits using new options enabled by the Inflation Reduction Act of 2022 (IRA). The IRA allows governmental entities 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. Available clean energy credits For information on which clean energy tax credits are available, Publication 5817-G has a list of elective pay eligible tax credits. Pre-filing registration information A pre-filing registration process must be completed, and a registration number received, prior to making an elective payment election on an annual tax return. Applicable entities will need their own Employer Identification Number (EIN) or Tax Identification Number (TIN) to complete the pre-filing registration process. Applicable entities cannot use or borrow the EIN of a related entity. The online pre-filing registration process is expected to launch in late 2023. After the launch, you may complete pre-filing registration as soon as you have all the information required. More detail will be available as the launch approaches. To complete pre-filing registration, you must provide certain information about yourself, the applicable credits you intend to earn, each eligible project or property that will contribute to the applicable credit, and certain additional information. The IRS will review the information provided and will issue a separate registration number for each applicable credit property for which the applicable entity or electing taxpayer provided sufficient verifiable information. Registration is not complete until a registration number is received. Each entity making an elective payment election must have a unique Employer Information Number (EIN). After you complete the pre-filing registration process, the IRS will review the information provided and will issue a separate registration number for each applicable credit property for which the applicable entity or electing taxpayer provided sufficient verifiable information. How to make an elective payment election for a clean energy tax credit: Identify and pursue the qualifying project or activity: You will need to know which credit you intend to earn. Determine your tax year, if not already known: Your tax year will determine the due date for your tax return. Complete pre-filing registration with the IRS. Satisfy all eligibility requirements for the tax credit and any applicable bonus credits, if applicable, for a given tax year: For example, to claim an energy credit on a solar energy generating project, you would need to place the project in service before making an elective payment election. You will need the documentation necessary to properly substantiate any underlying tax credit, including if bonus amounts increased the credit. File the required annual tax return by the due date (or extended due date) and make a valid elective payment election. This includes properly completed and attached source credit forms, Form 3800 (including registration numbers) and required return attachments. Additional information about clean energy credits can be found at IRS.gov/cleanenergy.

Understanding Clean Energy Credits: A Comprehensive Guide to Claiming and Receiving Credits In the realm of tax benefits, clean energy credits have emerged as a viable option for tax-exempt and governmental entities. The Inflation Reduction Act of 2022 (IRA) has ushered in new opportunities, allowing these entities to reap the benefits of clean energy tax […]

Clean energy credits: what you need to know about claiming and receiving credits

Clean energy credits: what you need to know about claiming and receiving credits Tax-exempt and governmental entities can benefit from clean energy tax credits using new options enabled by the Inflation Reduction Act of 2022 (IRA). The IRA allows governmental entities 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. Available clean energy credits For information on which clean energy tax credits are available, Publication 5817-G has a list of elective pay eligible tax credits. Pre-filing registration information A pre-filing registration process must be completed, and a registration number received, prior to making an elective payment election on an annual tax return. Applicable entities will need their own Employer Identification Number (EIN) or Tax Identification Number (TIN) to complete the pre-filing registration process. Applicable entities cannot use or borrow the EIN of a related entity. The online pre-filing registration process is expected to launch in late 2023. After the launch, you may complete pre-filing registration as soon as you have all the information required. More detail will be available as the launch approaches. To complete pre-filing registration, you must provide certain information about yourself, the applicable credits you intend to earn, each eligible project or property that will contribute to the applicable credit, and certain additional information. The IRS will review the information provided and will issue a separate registration number for each applicable credit property for which the applicable entity or electing taxpayer provided sufficient verifiable information. Registration is not complete until a registration number is received. Each entity making an elective payment election must have a unique Employer Information Number (EIN). After you complete the pre-filing registration process, the IRS will review the information provided and will issue a separate registration number for each applicable credit property for which the applicable entity or electing taxpayer provided sufficient verifiable information. How to make an elective payment election for a clean energy tax credit: Identify and pursue the qualifying project or activity: You will need to know which credit you intend to earn. Determine your tax year, if not already known: Your tax year will determine the due date for your tax return. Complete pre-filing registration with the IRS. Satisfy all eligibility requirements for the tax credit and any applicable bonus credits, if applicable, for a given tax year: For example, to claim an energy credit on a solar energy generating project, you would need to place the project in service before making an elective payment election. You will need the documentation necessary to properly substantiate any underlying tax credit, including if bonus amounts increased the credit. File the required annual tax return by the due date (or extended due date) and make a valid elective payment election. This includes properly completed and attached source credit forms, Form 3800 (including registration numbers) and required return attachments. Additional information about clean energy credits can be found at IRS.gov/cleanenergy.

Understanding Clean Energy Credits: A Guide to Claiming and Receiving The Inflation Reduction Act of 2022 (IRA) has opened up new opportunities for tax-exempt and governmental entities to benefit from clean energy tax credits. The IRA has introduced elective pay, a mechanism that allows these entities to utilize certain clean energy tax credits in a […]

IRS: Cuidado con organizaciones benéficas falsas; verifique antes de donar

IRS: Cuidado con organizaciones benéficas falsas; verifique antes de donar WASHINGTON — Con las trágicas crisis y los desastres naturales que ocurren alrededor del globo, el Servicio de Impuestos Internos advirtió hoy a los contribuyentes que tengan cuidado con criminales que solicitan donaciones y se hacen pasar falsamente por organizaciones benéficas legítimas. Cuando las organizaciones benéficas falsas estafan a donantes desprevenidos, las donaciones no van a quienes necesitan la ayuda y aquellos que contribuyeron a estas organizaciones benéficas falsas no pueden deducir sus donaciones en su declaración de impuestos. "Todos queremos ayudar a las víctimas inocentes y a sus familias," declaró el comisionado del IRS Danny Werfel. "Sabiendo que estamos tratando de ayudar a los que sufren, los delincuentes salen de la nada para aprovecharse de los más vulnerables - las personas que simplemente quieren ayudar. Especialmente en estos tiempos difíciles, no se sienta presionado a donar inmediatamente a una organización benéfica de la que nunca ha oído hablar. Investigue primero la organización benéfica y confirme que es auténtica." Quienes deseen donar deben usar la herramienta Búsqueda de Organizaciones Exentas de Impuestos (en inglés) o TEOS por sus siglas en inglés, en IRS.gov para encontrar o verificar organizaciones benéficas legítimas y calificadas. Con TEOS, las personas pueden Verificar la legitimidad de una organización benéfica. Comprobar su elegibilidad para recibir contribuciones caritativas deducibles de impuestos. Buscar información acerca del estado de la exención tributaria de una organización y sus declaraciones de impuestos. Además, el IRS insta a cualquier persona que se cruce con una organización benéfica falsa o sospechosa a consultar los recursos del FBI sobre fraudes de organizaciones benéficas y desastres (en inglés). Organizaciones benéficas falsas Los criminales suelen crear organizaciones benéficas falsas para aprovecharse de la generosidad del público durante crisis internacionales o desastres naturales. Típicamente, buscan dinero e información personal, que puede usarse para explotar aún más a las víctimas mediante el robo de identidad. Los promotores de organizaciones benéficas falsas pueden usar correos electrónicos, sitios web falsos o alterar o "falsificar" su identificador de llamadas para que parezca que es una organización benéfica real la que llama para solicitar donativos. Los delincuentes suelen dirigirse a personas mayores y a grupos con un dominio limitado del inglés. A continuación, algunos consejos para protegerse de las estafas relacionadas con organizaciones benéficas falsas: Verifique primero. Los estafadores suelen usar nombres que suenan a organizaciones benéficas conocidas para confundir a la gente. Los donantes deben pedir al recaudador de fondos el nombre exacto de la organización, el sitio web y la dirección postal para poder confirmar la información de manera independiente. Use el sistema TEOS para verificar si una organización es una organización benéfica legítima exenta de impuestos. No ceda a las presiones. Los estafadores suelen presionar a la gente para que realice un pago inmediato. Por el contrario, las organizaciones benéficas legítimas están encantadas de recibir una donación en cualquier momento. Los donantes no deben sentirse presionados. No dé más de lo necesario. Los estafadores están a la caza tanto de dinero como de información personal. Los contribuyentes deben tratar la información personal como si fuera dinero en efectivo y no dársela a cualquiera. Desconfíe de cómo se solicita una donación. No colabore nunca con organizaciones benéficas que soliciten donativos pidiéndoles números de una tarjeta regalo o por transferencia de dinero. Es una estafa. Lo más seguro es pagar con tarjeta de crédito o cheque, y sólo después de verificar que la organización benéfica es real. Los contribuyentes que donan dinero o bienes a una organización benéfica pueden reclamar una deducción (en inglés) si detallan las deducciones, pero estas donaciones sólo cuentan si van a una organización reconocida por el IRS.

IRS Warns: Beware of Fake Charities; Verify Before Donating In the wake of the tragic crises and natural disasters happening around the globe, the Internal Revenue Service (IRS) has issued a warning to taxpayers. It urges caution against criminals posing as legitimate charities soliciting donations. When fraudsters operating under the guise of fake charities scam […]

Clean energy credits: what you need to know about making an elective payment election and receiving an elective payment

Clean energy credits: what you need to know about making an elective payment election and receiving an elective payment 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. There are several steps to making a successful elective payment election. Not all steps need to occur in the order displayed below. Identify and pursue the qualifying project or activity: You will need to know what applicable credit you intend to earn and use elective pay for. Determine your tax year, if not already known: Your tax year will determine the due date for your tax return. Complete pre-filing registration with the IRS: This will include providing information about yourself, which credits you intend to claim, and each eligible project/property that will contribute to the applicable credit and other information required. Once you complete these steps, the IRS will provide you a registration number for each applicable credit property. You will need to provide that registration number on your tax return as part of making the elective pay election. Complete the pre-filing registration in enough time to have a valid registration number when you file your tax return. Satisfy all eligibility requirements for the tax credit and any applicable bonus credits for a given tax year: For example, to claim an energy credit on a solar energy generating project, you would need to place the project in service before making an elective payment election. You will need the documentation necessary to properly substantiate any underlying tax credit, including if bonus amounts increased the credit. File the required annual tax return by the due date (or extended due date) and make a valid elective payment election. More information about the pre-filing registration process will be available by late 2023. Additional information about clean energy tax credits can be found at irs.gov/tribes and irs.gov/cleanenergy.

Understanding Clean Energy Credits: Elective Payment Election and Its Benefits 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 gain from these credits through elective pay. This article aims to […]

#ICYMI Top CI Stories from the Past Week

ICYMI: Top IRS Criminal Investigation (CI) Stories From The Past Week Oct. 23, 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. 16 - 22 #ICYMI Top CI Stories from the Past Week 1. Al Capone's arrest 92 years ago proved the value of our financial investigations to America. Learn what we investigate now. From bootlegging to Bitcoin investigations, we’ve evolved with the latest financial crimes throughout America's history. 2. Learn how our team turns big data into actionable investigative leads Our financial experts key in on money laundering indicators, unusual financial patterns, fraudulent refund claims and more. Learn how we use big data to combat tax fraud and other financial crimes 3. J5 Chiefs highlight collaboration, innovation, and results Five current and two former J5 Chiefs talk about what it takes to fight global tax crimes. Collaboration, innovation, and results. 4. Charlotte Field Office special agent earns prestigious award Congratulations to Special Agent Nicholas Pompei for receiving the "Excellence in the Pursuit of Justice" award from the U.S. Attorney's Office for the Western District of North Carolina. Charlotte Field Office special agent wins prestigious award 5. Documentary highlights our L.A. team's historic $3.36 billion cryptocurrency investigation Our special agents talk about their investigative work on CNBC's "Crypto 911: Exposing a Bitcoin Billionaire." CNBC documentary highlights our L.A. team's historic $3.36 Billion cryptocurrency investigation 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.

Top Stories from IRS Criminal Investigation This Week In case you missed it, here are the top stories from the IRS Criminal Investigation (CI) division for the week of October 16 – 22, 2023. Al Capone’s Arrest: A Testament to Financial Investigations Ninety-two years ago, the arrest of notorious gangster Al Capone demonstrated the crucial […]

Consejo en video del IRS: Declaración enmendada

Esenciales de Noticias Noticias en Español [ https://www.irs.gov/es/spanish/noticias-en-espanol ] Consejos Tributarios del Cuidado de Salud [ https://www.irs.gov/es/affordable-care-act/individuals-and-families/health-care-law-do-you-have-minimum-essential-coverage ] Oficina de Prensa [ https://www.irs.gov/es/spanish/informes-de-prensa-noticias ] Fraudes Tributarios [ https://www.irs.gov/es/newsroom/tax-scams-consumer-alert ] Alrededor de la Nación [ https://www.irs.gov/newsroom/around-the-nation ] Temas de Interés IRS.gov/Español [ https://www.irs.gov/es/spanish ]  Consejos Tributarios [ https://www.irs.gov/es/newsroom/irs-tax-tips ] Centro Multimediático [ https://www.irs.gov/es/newsroom/multimedia-center ] Hojas de Datos [ https://www.irs.gov/es/spanish/notas-de-prensa-en-espanol ] Recursos del IRS Medios Sociales y el IRS [ https://www.irs.gov/es/spanish/conectese-al-irs-con-los-medios-sociales ] Contacto de Mi Oficina Local [ https://www.irs.gov/help/contact-your-local-irs-office ] Formularios e Instrucciones [ https://www.irs.gov/es/spanish/formularios-y-publicaciones ] Defensor del Contribuyente [ https://www.irs.gov/es/taxpayer-advocate ] Los Derechos del Contribuyente [ https://www.irs.gov/es/taxpayer-bill-of-rights ] Edición Número: Declaración enmendada En Esta Edición Aquí un consejo en video del IRS: Declaración enmendada Español [ https://www.youtube.com/watch?v=uc2ttsIn5HU ] | Inglés | [ https://www.youtube.com/watch?v=X7Bol664lhw ]ASL [ https://www.youtube.com/watch?v=7nQNjO3NSXg ] Suscríbase hoy: Los canales del IRS en YouTube brindan videos cortos e informativos en una variedad de temas tributarios en español, inglés y ASL. www.youtube.com/@IRSmultilingual [ http://www.youtube.com/@IRSmultilingual ] www.youtube.com/@IRSvideos [ http://www.youtube.com/@irsvideos ] www.youtube.com/@IRSvideosASL [ http://www.youtube.com/@irsvideosASL ] Gracias por suscribirse a Consejos Tributarios en Español del IRS, un servicio de correo electrónico del IRS. Para obtener más información sobre los impuestos federales, por favor visite la página de internet IRS.gov [ https://www.irs.gov/ ]. Este mensaje fue distribuido automáticamente de la lista de correos electrónicos de Consejos Tributarios en Español del IRS. *Por favor no responda a este mensaje.*

IRS Video Advice: Amended Declaration In the world of taxes, it’s crucial to stay informed and updated. That’s why the IRS provides a wealth of resources in Spanish to help taxpayers understand their obligations and rights. From news updates to health care tax tips, the IRS has got you covered. Valuable Resources from the IRS […]