Tax Alerts

More Than 1,000 Projects Registered Through IRS ECO Tool, IR-2024-14

The Internal Revenue Service said that more than 1,000 projects have been registered through the agency’s Energy Credits Online tool.

The tool was created to help taxpayers who are taking advantage of clean energy tax credits through one of two delivery mechanisms created by the Inflation Reduction Act – elective pay (also known as direct pay) and transferability. Credits made available by the CHIPS Act can also be registered through the ECO tool.

Taxpayers can use the tool to complete the pre-file registration process, which generates a registration number that is used on the taxpayer’s annual return when making a direct payment or choosing the transfer election for a clean energy credit.

“This new tool helps key groups with these clean energy credits as well as improves communication and reduces compliance issues,” IRS Commissioner Daniel Werfel said in a January 18, 2024, statement.“This effort is part of our larger transformation effort underway across the IRS as our efforts continue to accelerate.”

The agency reported that as of this week, about 145 entities have requested registration numbers for nearly 1,300 projects across 40 states and territories. More than 1,170 of these projects involve the transfer of clean energy credits while more than 1,110 will involve direct pay.

“The value of the tax credits for these projects will be determined when the credit recipient files their taxes,” the agency said in the statement.

By Gregory Twachtman, Washington News Editor

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IRS Highlights Home Energy Credits for Taxpayers, IR-2024-137

IRS Issues FAQs on Disaster Relief Related to Retirement Plans, FS-2024-19; IR-2024-132

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IRS Issues FAQs on Disaster Relief Related to Retirement Plans, FS-2024-19; IR-2024-132

2025 Inflation Adjustments for Health Savings Accounts Released, Rev. Proc. 2024-25

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No Further Funding Cuts For IRS In FY24

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IRS Criminal Investigation Releases COVID Fraud Conviction Statistics, IR-2024-83

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IRS Criminal Investigation Releases COVID Fraud Conviction Statistics, IR-2024-83

IRS Updates FAQ on Commercial Clean Vehicle Credits (FS-2024-14; IR-2024-111)

The IRS updated frequently asked questions (FAQ) on New, Previously Owned and Qualified Commercial Clean Vehicle Credits. These FAQs provide guidance on how the Inflation Reduction […]

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2024 Foreign Housing Expense Amounts Released, Notice 2024-31

KPMG TaxNewsFlash – United States March 20, 2024 The IRS today released Notice 2024-31 [PDF 156 KB] providing the adjustments to the limitation on housing expenses, under […]

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