The Internal Revenue Service has slowed the payment of refunds to employers for the Employee Retention Credit as the agency struggles to combat what it says are fraudulent and overstated claims for the credit.
Perhaps the biggest change to the insulation industry this year has been the Inflation Reduction Act’s Section 25C tax credit, and all top insulators should know how this will affect their business.
The Insulation Contractors Association of America has released a 25C Insulation Tax Credit Online Calculator, promotional materials and educational resources.
It’s tax time, which means companies nationwide will be getting ready to file their tax returns. As you prepare to meet with your accountant, here are some details to keep in mind.
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.
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.
