Tax regulations

The Internal Revenue Service has updated its frequently asked questions to offer more guidance on what kinds of components can be used in electric vehicles to qualify for tax credits.

The IRS is rolling out a voluntary disclosure program to let businesses pay back Employee Retention Credits they claimed in error.

The new deduction rates apply to electric and hybrid vehicles, as well.

A short window won't necessarily stop lawmakers from proposing or introducing new legislation, though — if only to position themselves ahead of next November's election.

Among other things, they may unintentionally snare mutual funds, an expert testifies.

The service will postpone the lower threshold, but will phase in a threshold of $5,000 for tax year 2024.

The Treasury and the IRS issued laid out possible regs to update the investment tax credit rules to encompass various forms of renewable energy.

The regulations address new subsections of the law from the SECURE 2.0 Act.

Proposed regulations from the IRS are generally effective beginning in 2024.

Taxpayers will now have through Jan. 10, 2025, to fix a refund claim.