The Internal Revenue Service has issued guidance on meeting prevailing wage and apprenticeship requirements for enhanced tax benefits under the Inflation Reduction Act.
Notice 2022-61 explains how taxpayers such as builders, developers, and owners of clean energy facilities receive increased tax credits or deduction amounts. This includes guidance concerning what constitutes a prevailing wage and determination of qualified apprenticeships.
Publication of the notice in this week’s Federal Register began the 60-day period in which taxpayers must begin construction of a facility or installation under rules for expensing energy efficient commercial building property
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind