Inflation Reduction Act Tax Briefing - Tax Credits & Excise Taxes - at a very high level provides opportunities for investment in clean energy via the reduction of carbon emissions by, among other things, expanding tax benefits for renewable energy, including the Internal Revenue Code...
Hold On! Resist the urge to gloss over the title so fast! Do whatever it takes to clear your head and FOCUS for 6,000 words or so on R&D Tax Credits - IRS Forms 8974, 6765, 3800 & the TCJA. Understanding the tax reporting and compliance...
For tax years 2010 to 2013, the maximum credit for eligible small business employers under the Small Business Health Care Tax Credit is 35 percent of premiums paid and for eligible tax-exempt employers the maximum credit is 25 percent of premiums paid. Beginning in 2014,...
The First Time Home Buyer Credit (FTHBC) Account Look-up tool is now up and running on the IRS website. This tool provides information that helps taxpayers accurately report their FTHBC repayment obligations on their federal tax return. To access this tool, go to: http://www.irs.gov/individuals/article/0,,id=252351,00.html Taxpayers need to...
Check out IRS Form 8941, Credit for Small Employer Health Insurance Premiums (PDF) if you are interested in the small business health care tax credit. Many small employers that pay at least half of the premiums for employee health insurance coverage under a qualifying arrangement may...
Many taxpayers who claimed the first time home buyer's credit are having their tax returns examined by the IRS. Turns out generally that this credit is not being properly reported. Even tax practitioners are demonstrating incompetence when it comes to preparing, signing and filing tax...
The small employer health insurance credit is applied for on IRS Form 8941. The credit itself is based on the non-shareholder staff, their hours worked, wages and the premiums paid for them. The hours worked, wages and health insurance premiums of shareholders are not taken...
The Tax Credit for Employee Health Insurance Expenses of Small Employers is part of the Patient Protection and Affordable Care Act which was signed into law in March of 2010. The Act makes a credit available to small employers who pay at least 50% of...
According to Marilyn E. Brookens, an attorney in the IRS Office of Associate Chief Counsel (Income Tax and Accounting), “Effective for the 2010 tax year, the adoption tax credit is a FULLY REFUNDABLE TAX CREDIT. The credit was made refundable by Section 10909 of the...
TITLE 26 > Subtitle F > CHAPTER 66 > Subchapter B > § 6511 - Feb 01, 2010 (a) Period of limitation on filing claim Claim for credit or refund of an overpayment of any tax imposed by this title in respect of which tax the taxpayer...