The Treasury Department and IRS issued proposed regulations related to increased clean tax credits or deduction amounts for clean energy facilities that meet certain prevailing wage and apprenticeship (PWA) requirements enacted as part of the Inflation Reduction Act. Ensure that your auditors can assist you in properly understanding this new act. In coordination with the publication of the proposed regulations, the IRS also released Publication 5855, Prevailing Wage and Registered Apprenticeship Overview. The IRS is seeking comments on the proposed regulations, and a public hearing will be held on 11/21/23. Taxpayers, with guidance from providers of accounting services, may rely on the proposed regulations with respect to the construction or installation of a facility, property, project, or equipment beginning on or after 1/29/23, and on or before the date these regulations are published as final in the Federal Register, provided, that beginning after the date that is 60 days after 8/29/23, taxpayers and tax firms follow the proposed regulations in their entirety and in a consistent manner. REG-100908-23.
