A Blend of Tax and HR

By Arthur Chianese & Warren Cook

Treasury and IRS issue proposed regulations on prevailing wage and apprenticeship requirements for increased energy credit or deduction amounts.

IR-2023-156, Aug. 29, 2023

WASHINGTON — The Treasury Department and Internal Revenue Service today issued proposed regulations related to the increased tax credit or deduction amounts for clean energy facilities and projects if taxpayers satisfy certain prevailing wage and registered apprenticeship (PWA) requirements.

Generally, these new proposed rules provide guidance on the PWA requirements, enacted as part of the Inflation Reduction Act, for certain green energy facilities or projects.

The Inflation Reduction Act provides increased credit or deduction amounts that generally apply for taxpayers who satisfy certain PWA requirements regarding the construction, installation, alteration or repair of a qualified facility, qualified property, qualified project, qualified equipment or for certain energy facilities.

Under the tax law, the increased credit or deduction amount is generally… [ Read the entire Article].

Guidance:

When exploring this and other tax credits or reductions as a taxpayer you may find that you have obligations and requirements to qualify that cross over between your financial and tax planning and strategies with human resource management practices such as talent acquisition and payroll recordkeeping.  Without a solid understanding of how both tax and human resource strategies overlap and work together strategically to achieve eligibility you may miss out on opportunities the contribute to your continued success.  TAHR is unique in this manner as we bring together tax and human resources expertise to guidance and advise you and your business.

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