ICS Tax, LLC’s Post

In June 2024, the IRS unveiled final regulations on the prevailing wage and apprenticeship (PWA) requirements for heightened clean energy tax benefits under the Inflation Reduction Act (IRA). Meeting these criteria can amplify the potential tax advantage fivefold. To access the increased tax benefits, project owners need both general contractors and subcontractors to adhere to the PWA guidelines on eligible projects. Construction business owners and leadership teams must grasp these new regulations to position themselves for qualifying projects. https://lnkd.in/edRCtQJ8 #IRS #TaxRegulations #CleanEnergy #ConstructionIndustry #TaxCredits

Still contemplating if your project should pursue Inflation Reduction Act (IRA) energy tax credits or trying to understand how to meet the IRA Prevailing Wage and Apprenticeship Requirement? Here is a quick read from Baker Tilly US published by Corporate Compliance Insights. Powerful credits are possible for many energy properties - reach out if you would like to discuss further!

The Inflation Reduction Act (IRA) marks the largest energy incentive effort in U.S. history, offering benefits for both private and public sector projects. In Corporate Compliance Insights, Baker Tilly’s Laura Cataldo, shares how any project that includes clean energy properties can take advantage of investment tax credits, with enhanced credits available for those meeting prevailing wage & apprenticeship (PW&A) requirements. Read more: https://bit.ly/3M0T7f6  #IRA #Tax #PrevailingWage #CleanEnergy 

Attention all property owners and developers and Tax Professionals! Are you maximizing your tax deductions with the 179D deduction? It's crucial to ensure that your provider is incorporating the latest inflation adjustments, especially with the increase to 65 cents per square foot allowed in 2024. Don't miss out on potential savings! Keep your eyes on the final deliverable to make sure you're reaping the benefits of this additional allowance. Over your total square footage, that extra 65 cents can make a significant difference to your deduction. 💰💼 #TaxSavings #179D #PropertyOwners #TaxDeductions #2024Updates

Employers that want to claim “green energy” tax credits made available by the Inflation Reduction Act, take note: The IRS is releasing final regulations and guidance about prevailing wage and apprenticeship (PWA) requirements. In general, businesses must comply with the PWA tests if a worker performs construction, alteration or repair of a qualified facility. However, the final regs waive penalties if employers relied on earlier rules so long as they correct the amounts paid to impacted workers within 180 days of the final regs’ publication. They’re expected to be published on June 25, 2024. To view a summary of the final regs: https://bit.ly/3VP1kJe. Contact us for more information. #GreenEnergyCredits #InflationReductionAct #IRSPWA #TaxIncentives

Employers that want to claim “green energy” tax credits made available by the Inflation Reduction Act, take note: The IRS is releasing final regulations and guidance about prevailing wage and apprenticeship (PWA) requirements. In general, businesses must comply with the PWA tests if a worker performs construction, alteration or repair of a qualified facility. However, the final regs waive penalties if employers relied on earlier rules so long as they correct the amounts paid to impacted workers within 180 days of the final regs’ publication. They’re expected to be published on June 25, 2024. To view a summary of the final regs: https://bit.ly/3VP1kJe. Contact us for more information. #GreenEnergyCredits #InflationReductionAct #IRSPWA #TaxIncentives

Employers that want to claim “green energy” tax credits made available by the Inflation Reduction Act, take note: The IRS is releasing final regulations and guidance about prevailing wage and apprenticeship (PWA) requirements. In general, businesses must comply with the PWA tests if a worker performs construction, alteration or repair of a qualified facility. However, the final regs waive penalties if employers relied on earlier rules so long as they correct the amounts paid to impacted workers within 180 days of the final regs’ publication. They’re expected to be published on June 25, 2024. To view a summary of the final regs: https://bit.ly/3VP1kJe. Contact us for more information. #GreenEnergyCredits #InflationReductionAct #IRSPWA #TaxIncentives

See below with the AOS tax team’s thoughts on the final PWA regs.