Section 174 Guidance for Upcoming Tax Returns
IRS Issues Guidance on Section 174 – No Form 3115 for 174 R&E Costs: Rev. Proc. 2023-11 has been issued by the IRS, offering simplified procedures for the first taxable year starting after December 31, 2021 (so calendar year taxpayers’ year 2022). Instead of...
IRS Proposes Changes to R&D Tax Credit Form 6765
The IRS recently proposed changes to the R&D tax credit form to better administer research credits going forward as of the 2023 tax year. These changes to Form 6765 Credit for Increasing Research Activities are still in the planning stages and IRS is seeking input...
Bill Introduced in Senate Will Extend 45L Energy Efficient Home Tax Credit for 10 Years
The Inflation Reduction Act of 2022 introduced in the Senate yesterday, July 28, 2022, will expand and extend the 45L Energy Efficient Home Tax Credit. The bill extends the 45L energy credit for 10 years, through 2032 and retroactively extends for this year 2022. The...
Congress Defers on 45L Energy Tax Credit in BBB Act until 2022
Congress has wrapped its 2021 session and will not resume again until January when the next Congressional session opens. This means no BBB Act (Build Back Better Act) which included a number of energy efficient tax incentives including a 10 year extension of the 45L...
45L Energy Tax Credit Passes House, Awaiting Senate Vote
There are number of tax provisions and extensions in the new Build Back Better (BBB) Act, including a 10 year extension of the 45L energy efficient home tax credit through 2031. This bill awaits a Senate vote likely to be scheduled in December. There are some key...
New Taxpayer Relief – 2020 Tax Deadline Extensions
The Internal Revenue Service has announced that they are delaying the April 15th filing deadline to May 17th for all individual 2020 tax returns. In a statement, IRS Commissioner Chuck Rettig indicated the decision was made in recognition of the fact that most of the...
Funded R&D – Rights – Tangel Case R&D Tax Credits
In a recent Tax Court case, Tangel v. Commissioner, T.C. Memo. 2021-1 (Jan 2021), the Tax Court concluded that the taxpayer who claimed the R&D tax credit did not retain substantial rights and thus the R&D work was 'funded' and the R&D tax credit...
Update – 45L Energy Efficient Home Tax Credit Extended on 12/27/2020
After a bit of drama over the COVID bill, the President did sign the legislation which included tax extenders on December 27, 2020 and this provides for a one year extension of 45L energy tax credits through 12/31/2021. The energy efficient home tax credit would have...
One Year Extension through 2021 for Energy Efficient Home Section 45L Tax Credit
The President is expected to sign the massive relief bill on Tuesday December 22, 2020 which (as part of the over 5,000 pages) includes tax extenders, notably the Section 45L Energy Efficient Home tax credit and the Section 179D energy efficient tax deduction for...
Sec 45L Energy Credit and the Election
In June 2020, a House bill was introduced referred to as the Moving Forward Act which would extend the Section 45L Energy Tax Credit for energy efficient homes through 2025. The bill would also increase the energy tax credit to $2,500 per unit/home and update the...
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