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    Tax Credits: Inflation Reduction Act of 2022

    The Inflation Reduction Act offers organizations unique opportunities to leverage tax credits and drive innovation—unlock significant savings today by discovering how your organization can cash in on substantial discounts with these valuable incentives. The Inflation Reduction Act (IRA) introduces over 70 dynamic tax credits—ranging from investment and excise to production incentives—designed to propel the transition to cleaner energy. These credits aim to foster advanced manufacturing, encourage clean vehicle adoption, and significantly cut greenhouse gas emissions through alternative fuels and energy-efficient technologies. Moreover, the act enhances loan programs from the U.S. Department of Agriculture (USDA) and the Department of Energy (DOE), broadening access to vital funding. Beyond boosting investments in communities

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    October 20, 2023
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    Clean Fuel Production Credit 2025

    On May 31, 2024, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued Notice 2024-49, which provides important guidance on the clean fuel production credit established by the Inflation Reduction Act (IRA). This credit, detailed in section 45Z of the Internal Revenue Code, is designed to promote the production of clean fuels, a key component in advancing the nation’s sustainability objectives. To qualify for this credit, producers must secure a signed registration letter from the IRS by January 1, 2025, making it essential for taxpayers to apply early to avoid any potential processing delays. When is the deadline?Producers are required to submit their applications by July 15, 2024, to ensure processing aligns

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    January 26, 2024
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    Renewable Energy Products: Tax Credits

    When businesses venture into renewable energy projects, deciding between the Investment Tax Credit (ITC) and the Production Tax Credit (PTC) is key to maximizing financial incentives. Both tax credits offer significant benefits, but they are applied differently based on the project’s structure and goals.  Understanding the distinctions between these two credits is essential for strategic decision-making. To explore how these credits can benefit your business or energy project, visit Applied Accountancy for expert advice on leveraging tax incentives. What is the ITC?The Investment Tax Credit (ITC) provides a federal tax reduction based on the upfront capital investment of a renewable energy project. It is particularly useful for projects that require substantial initial investments. For example, solar energy systems

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    December 22, 2022
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    Revenue & Tax Proposals FY 2025

    The Biden administration has released its 2025 Budget Proposal, outlining the president’s policy priorities and tax proposals in the next fiscal year from Apr 1, 2024, to Mar 31, 2025. U.S. Department of the Treasury also released the “Green book,” as an additional 256 pages for General Explanations providing further detail on the proposals. The proposed budget continues to target taxes for corporations and high-net worth individuals, and in line with Biden’s prior statements, it does not raise taxes for individuals earnings less than $400,000 annually. While the proposals may not gain the necessary support from a Republican-controlled Congress, it is a pivotal time for tax policy, as many provisions

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    March 31, 2024
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    Accounting Technology

    The Future of Technology in Tax & Accounting
    Accounting software automates and streamlines various accounting tasks, such as financial reporting and budgeting, improving accuracy, reducing errors, and increasing efficiency. This allows accountants to focus on higher-level decision-making and strategic planning.
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