Tax Law and News Wage requirements for enhanced credits/deductions Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Intuit Accountants Team Modified Dec 6, 2022 1 min read The U.S. Treasury Department and the IRS recently announced guidance providing taxpayers information on how to satisfy the prevailing wage and apprenticeship requirements for enhanced tax benefits under the Inflation Reduction Act. Notice 2022-61 explains how taxpayers, generally builders, developers, and owners of clean energy facilities, receive the increased tax credits or deduction amounts by satisfying the wage and apprenticeship requirements as provided for in this notice. For example, the notice provides guidance on what constitutes a prevailing wage and the determination of qualified apprenticeships with accompanying examples. The publication of this notice in the Federal Register began a 60-day period in which taxpayers must begin construction of a facility (or installation under the rules for expensing energy efficient commercial building property) to receive the enhanced tax benefits without satisfying the prevailing wage and apprenticeship requirements as described in this notice. Finally, this notice provides guidance for determining the “beginning of construction” (and “installation” for purposes of the rules for deductions for the cost of energy efficient commercial building property placed in service during the tax year). Previous Post Virtual conference Dec. 13-14: Tax Season Readiness Next Post Give your clients a holiday tax planning gift Written by Intuit Accountants Team The Intuit® Accountants team provides ProConnect™ Tax, Lacerte® Tax, ProSeries® Tax, and add-on software and services to enable workflow for its customers. Visit us at https://proconnect.intuit.com, or follow us on Twitter @IntuitAccts. More from Intuit Accountants Team Comments are closed. Browse Related Articles Tax Law and News Annual inflation adjustments for TY24 and TY25 Practice Management Intuit is committed to your success Practice Management Lacerte® Tax spotlight: Karl J. Strube, CPA Practice Management ProConnect™ Tax Online spotlight: Alejandra Matias Practice Management ProConnect Tax Virtual Bootcamp: Jan. 15-16 Webinars Navigating Common IRS Red Flags: Jan. 20 Webinars Pay-by-Refund: Jan. 20 Webinars Practical Security Checklist: Jan. 14 Tax Law and News January 2025 tax and compliance deadlines Workflow tools On the Books podcast: Merry books-to-tax season