Tax Brief

PRE-REGISTRATION REQUIRED FOR ELECTIVE PAYMENTS.

More information about the IRS’s advance registration system is expected before the end of 2023. The pre-filing notice of the intent to claim and receive an elective payment must be submitted electronically in sufficient time to have a valid registration number (for each applicable credit property) at the time the Form 990-T making the elective pay election is filed. The pre-registration will include information about the organization, the applicable credits intended to earn, and each eligible project/property that will contribute to the applicable credit and other information required. See the August 2023 edition of this Newsletter for more information on the elective payment option.

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