Supply Chain Disruption and the Employee Retention Tax Credit

The IRS Office of Chief Counsel has issued a memorandum to clarify the potential applicability of the Employee Retention Tax Credit (ERTC) to businesses that navigated supply chain disruptions. To ensure more accurate and substantiated claims, the memorandum analyzes five different scenarios with supply chain challenges and how those scenarios align with the statutory provisions …

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Additional Guidance on Solar and Wind Powered Electricity Generation Facilities:

The Treasury and IRS have issued proposed regulations (REG-110412-23) providing additional guidance under IRC Sec. 48(e) for applicants in West Palm Beach Florida or other parts of the country investing in certain solar and wind powered electricity generation facilities under the Inflation Reduction Act of 2022. Notice 2023-17 established the Low-Income Communities Bonus Credit Program …

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