Articles Tagged with ''taxes''

The Internal Revenue Service has released for public comment six long-awaited notices listed below on implementation of different tax benefits in the Inflation Reduction Act. These include one guidance document focused on the prevailing wage, apprenticeship and domestic content requirements to qualify for increased or bonus credit (or deduction) amounts for energy tax credits in the IRA, related to Section 179D and other parts of the tax code.

J&J Drywall Inc., of Woonsocket, Rhode Island, pleaded guilty to cheating the Internal Revenue Service out of more than $2.8 million by paying workers in cash and not withholding appropriate taxes, federal prosecutors said.

The Inflation Reduction Act of 2022 reinstated the 25C tax credit for insulation and air sealing through 2022. Until Dec. 31, homeowners may be eligible for a federal tax credit up to $500 or 10% of their purchase of insulation to their main home, whichever is lower.

After years of advocacy by RESNET and its allies on extending and reforming the 45L federal tax credit for energy-efficient homes, Congress has passed, and President Biden has signed into law the Inflation Reduction Act.

Are you a contractor bidding on a job in a new state or city outside your home jurisdiction? Have you evaluated the state and local tax obligations—and opportunities—based on the project location? If the answer is no, your company’s chance to win the bid and stretch your profit margins could be negatively impacted.

The recently enacted Covid-19 relief package titled “Consolidated Appropriations Act, 2021” has extended the Federal Energy Tax Credit (Section 45L) through December 31, 2021, and made the Energy Efficient Commercial Building Deduction (Section 179D) permanent. While both tax incentives offer significant value and the qualification process is simple, they are often overlooked by developers and homebuilders.

Tax fraud is an epidemic in the construction industry, and it is costing communities billions of dollars in lost revenue.