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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 […]

e-News for Tax Professionals 2023-42

ERC withdrawal process; NTFO is live; CA storm victims tax relief; Direct File pilot; and more Upcoming Events Seminars, Workshops, Conferences, and Other Practitioner Activities By State: Issue Number: 2023-42 Inside This Issue * Tax Pros: IRS announces withdrawal process for Employee Retention Credit claims * IRS launches new initiatives using Inflation Reduction Act funding to ensure large corporations pay taxes owed * Most popular seminars at the 2023 IRS Nationwide Tax Forums now available online * Tax-filing, payment deadline postponed for most California storm victims * IRS advances innovative Direct File project for 2024 tax season * 2024 Tax Counseling for the Elderly, Volunteer Income Tax Assistance Program Grants * News from the Justice Department’s Tax Division * Technical Guidance

e-News for Tax Professionals 2023-42: Key Updates and Events In today’s fast-paced world, staying updated on tax-related news and events is crucial for professionals in the field. This article brings to you the latest information about the Employee Retention Credit (ERC) withdrawal process, the live status of NTFO, tax relief for California storm victims, the […]

El IRS anuncia proceso de retiro para reclamos de Crédito de Retención de Empleados; iniciativa especial destinada a ayudar a empresas preocupadas por un reclamo no elegible en medio de mercadeo agresivo y estafas

Como parte de un esfuerzo mayor para proteger a las pequeñas empresas y organizaciones de las estafas, el Servicio de Impuestos Internos anunció hoy los detalles de un proceso especial de retiro para ayudar a quienes presentaron un reclamo de Crédito de Retención de Empleados (ERC) y están preocupados por su precisión. Esta nueva opción de retiro permite a ciertos empleadores que presentaron un reclamo de ERC, pero aún no han recibido un reembolso, retirar su presentación y evitar futuros reembolsos, intereses y sanciones. Los empleadores que presentaron un reclamo de ERC que aún está en proceso pueden retirar su reclamo y evitar la posibilidad de obtener un reembolso para el cual no son elegibles.

El IRS Introduces Withdrawal Process for Employee Retention Credit Claims In a bid to safeguard small businesses and organizations from scams, the Internal Revenue Service (IRS) has revealed the specifics of a unique withdrawal process. This initiative aims to assist those who have lodged an Employee Retention Credit (ERC) claim and harbor concerns regarding its […]

Clean energy credits: what you need to know about pre-filing registration

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. 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. Additional information about clean energy tax credits can be found at irs.gov/tribes and irs.gov/cleanenergy.

Understanding Clean Energy Credits and Pre-Filing Registration 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 are now able to leverage these credits through elective pay. Elective Payment Elections and Clean […]

QuickAlerts – Technical – Form 1040 Series Schema are Available

Subject: Form 1040 Series Schema are Available. Attention: Software Developers, Return Transmitters and Authorized IRS e-File Providers/EROs Tax Year 2021 / Processing Year 2022 Schema Only Form 1040 Series 2021v5.4 Software Developers and State organizations may download Modernized e-File (MeF) schemas and business rules from their e-Services mailbox. To access these files, you must have: An active e-Services account An e-File application with the Software Developer or State provider option with the associated tax type of 1040, 2350, 4868, 56 or 9465 Please visit the Modernized e-File (MeF) Schemas and Business Rules page on IRS.gov for more information about MeF Schemas and Business Rules. You may have several messages in your account. Please open all of them to find the set you would like to download. After 60 days the messages are purged. If you have the appropriate role and do not have these files available for download within 48 hours, please contact the MeF Mailbox mefmailbox@irs.gov with the Company Name, ETIN and Schema Package(s) with Tax Year needed.

QuickAlerts – Technical Update: Form 1040 Series Schema Now Available Attention all Software Developers, Return Transmitters, and Authorized IRS e-File Providers/EROs, we have an important update for you. The Form 1040 series schema for the tax year 2021/processing year 2022 is now available for download. Details about the Form 1040 Series 2021v5.4 The 2021v5.4 version […]

QuickAlerts – Technical – Modernized e-File (MeF) Extended Maintenance Window

Subject: Modernized e-File (MeF) Extended Maintenance Window All services except "SendSubmissions" will be unavailable for the Application to Application (A2A) channel for MeF Production System on Sunday, October 22, 2023, from 12:01 am. until 3:00 pm. Eastern time. All services will be unavailable for the Internet Filing Application (IFA) channel for MeF Production System on Sunday, October 22, 2023, from 12:01 am. until 3:00 pm. Eastern time. Assurance Testing System (ATS) will be operational starting from Monday, October 23, 2023, 9:00 a.m. Eastern time and will support the WSDLs for Tax Year 2023 / Processing Year 2024 (WSDL version R10.7) only. Please monitor the MeF Operational Status page for any future updates. We apologize for any inconvenience this may cause.

Modernized e-File (MeF) Extended Maintenance Window In an effort to continually enhance our services, we would like to inform you about an upcoming maintenance window for the Modernized e-File (MeF) system. This maintenance period will affect certain services and channels, as detailed below. Application to Application (A2A) Channel Maintenance Please be advised that all services, […]