DOE Office of Technology Transitions’ Post

The Inflation Reduction Act created numerous opportunities in the Energy Tax Credit space. Join CLA professionals Daniel Greenhagen and Krista Altman as they share hints on how companies generating the Energy Tax Credits can maximize the benefits of this program. #CLA #CLAPROMISE #InflationReductionAct #EnergyTaxCredits #PrevailingWage

The new energy credits rules are complex — the PWA regulations alone are 323 pages — but these credits can provide significant tax saving opportunities. CLA’s energy tax services team is working with hundreds of organizations on navigating and capturing the IRA benefits. Contact us to learn how you might benefit. #createopportunities #inflationreductionact #energytaxcredits

In June 2024, the IRS released final regulations addressing the prevailing wage and apprenticeship requirements for increased clean energy tax deduction or credit amounts. These tax breaks were made available under the Inflation Reduction Act. Satisfying the requirements can quintuple the total tax benefit available to taxpayers (project owners) involved in the construction, alteration or repair of certain clean energy facilities or properties, projects, or equipment. But for taxpayers to claim the enhanced tax treatment, both general contractors and subcontractors on eligible jobs must follow the requirements. If your construction business may bid on such projects. #Consulting #Risk #BusinessResiliancy #Manufacturing #Construction #Business #LitigationSupport #BusinessConsulting #ExpertWitness #InternalAudit #TrialConsultant #DataAnalytics #BVal

For all our grads (and everyone else working towards their degree), you need to know about these two tax credits: AMERICAN OPPORTUNITY TAX CREDIT → Available for the first four years of qualifying higher education → Credit amount of up to $2,500 for qualified education expenses → Partially refundable credit LIFETIME LEARNING CREDIT → No limit on the number of years you can be eligible → Credit amount of up to $2,000 per tax return → For qualifying higher education expenses or courses to acquire or improve job skills Both credits will be phased out at certain modified adjusted gross income levels. #taxtime #moneytips #taxprofessional

In June 2024, the IRS released final regulations addressing the prevailing wage and apprenticeship requirements for increased clean energy tax deduction or credit amounts. These tax breaks were made available under the Inflation Reduction Act. Satisfying the requirements can quintuple the total tax benefit available to taxpayers (project owners) involved in the construction, alteration or repair of certain clean energy facilities or properties, projects, or equipment. But for taxpayers to claim the enhanced tax treatment, both general contractors and subcontractors on eligible jobs must follow the requirements.

🚨 Big News for Business Owners, CPAs, and Attorneys! 🚨 The IRS and U.S. Department of Energy have opened Round 2 of the Qualifying Advanced Energy Project Tax Credit (48C) Program! 💡 Here’s what you need to know: - 💸 Over $40 billion in tax credits available, with $10.3 billion designated for energy community projects. - 🌍 Businesses across 46 states have already applied—$6 billion is still up for grabs! - 💼 Tax credits can cover up to 30% of project costs if wage and apprenticeship requirements are met. - 🏢 Open to businesses of all sizes—from large corporations to small nonprofits. - 🗓️ Deadline to submit your full application is October 18th. 💼 Ready to apply or need help with IRS compliance? 👉 Contact our founder, Anshul Goyal, CPA, at anshul@kkca.io for expert assistance. #TaxCredits #CleanEnergyProjects #48CProgram #BusinessGrowth #IRSCompliance #EnergyTaxCredits #GreenEnergy #SustainableBusiness #USBusinessTax #CPAExpert

Save big on refueling property Did you know that as of January 1, 2023, businesses can snag some serious savings on qualified refueling property? Whether it's for your fleet or your facility, these tax credits could be a game-changer. Here's the lowdown: Imagine this: You're a small business owner looking to upgrade your refueling setup. You've heard whispers about potential tax breaks but never really delved into the details. Well, buckle up because I've got some exciting news for you. Starting January 1, 2023, the IRS is offering a juicy 6% credit on qualified refueling property subject to depreciation, with a maximum credit of $100,000 per single item of property. But wait, there's more! If your business meets prevailing wage and apprenticeship requirements, you could be eligible for an impressive 30% credit with the same $100,000 limit. Talk about a win-win! But here's the kicker: it's not just about depreciation. For qualifying property not subject to depreciation, you could still snag a sweet deal. Yep, you heard that right - a whopping 30% of the cost, with a maximum amount of $1,000 per item. That's some serious cash back in your pocket. And here's the cherry on top: if you've already got refueling property in service before January 1, 2023 (including personal property), you could still be in luck. You're looking at a 30% credit of the cost of qualified refueling property, with a maximum total credit allowed of $30,000 per location for depreciable property and $1,000 per location for all other property. Don't miss out on these incredible tax credits. Upgrade your refueling property and watch the savings roll in. #TaxCredits #BusinessSavings #RefuelingRevolution #ustax #irs  #Sustainability #GreenEnergy #TaxTips #taxseason #ustaxation #taxhelp #taxation #taxpreparer #taxplanning #taxplanningstrategies #taxbenefits

Have you heard of the lifetime learning credit? This frequently overlooked #tax break can help pay for education expenses at several points in your life. You can claim the credit for undergraduate or graduate school costs, and you may even be eligible if you’re taking a continuing education class to improve your job skills. Here's how to take advantage of this flexible tax credit that's worth up to $2,000. #TaxTips

Education tax credits can significantly reduce your tax bill. Here are two major ones: American Opportunity Tax Credit (AOTC): Worth up to $2,500 per student for qualified education expenses for the first four years of higher education. Lifetime Learning Credit (LLC): Worth up to $2,000 per tax return for tuition and fees for post-secondary education or courses to acquire or improve job skills. Understanding and utilizing these credits can help offset the cost of education. Investing in education? Learn how the American Opportunity Tax Credit and Lifetime Learning Credit can reduce your tax bill! 🎓💸 Contact Gordon & Associates CPA, P.A. today! #gordonandassociatescpapa #EducationTaxCredits #TaxSavings #EducationFunding

Are you interested in pursuing clean energy initiatives while optimizing your tax savings? Take advantage of the Section 179D energy-efficient commercial building deduction. If you're ready to get started, learn more about the Prevailing Wage and Apprenticeship Requirements for IRA Clean Energy Tax Credits. https://okt.to/LsY7NB #Treasury #IRS #TaxCredits #CleanEnergy #Tax