We are days away from the October 16th extension filing deadline. And as we wind up the 2022 tax filings, we turn our full attention to 2023 tax law changes. There were many. Here are 5 quick items from the tax blog.
Starting in January 2023, eligible households can claim a tax credit of 30% of the cost of qualified energy efficiency projects, up to $1,200 per year. The credit applies to qualified energy efficiency improvements, residential energy property expenditures, and home energy audits.
The credit is allowed for qualifying property placed in service on or after January 1, 2023, and before January 1, 2033. The credit rate is scheduled to fall to 26% in 2032 and 22% in 2034. Certain items, such as solar panels, home back-up power battery storage, heat pumps, air conditioners, and water heaters, are eligible for the credit.
5 Quick News Items
- 1) IR-2023-186 IRS issues guidance for the transfer of clean vehicle credits and updates frequently asked questions
- 2) IR-2023-180 IRS: Builders of qualified new energy efficient homes may qualify for an expanded tax credit under Section 45L
- 3) IR-2023-176 IRS to establish special pass-through organization to help with high-income compliance efforts
- 4) IR-2023-167 IRS clarifies rules for new corporate alternative minimum tax
- 5) IR-2023-160 IRS reminder: Make sure to understand recent changes when buying a clean vehicle
Starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This new requirement follows final regulations amending e-filing rules for information returns, including Forms 8300.
