IRS ISSUES GUIDANCE ON TAX ISSUES FOR SECTION 1603

Monday, March 12, 2012 - 7:00am

In Notice 2012-23, the Internal Revenue Service provides guidance in a question-and-answer format on tax issues involving cash payments for specified energy property in lieu of tax credits under Section 1603 of the American Recovery and Reinvestment Tax Act of 2009. The Department of the Treasury established an email address ([email protected]) for Section 1603 questions, to which taxpayers and their representatives submitted some of the questions contained in Notice 2012-23; the IRS received additional questions by telephone and facsimile. Questions about Section 1603 can be directed to Tony Grappone, CPA, at (617) 330-1920, or Stephen Tracy, CPA, at (415) 356-8000.

Discuss the latest IRS guidance and other topics of interest to renewable energy professionals at the Financing Renewable Energy Conference, May 3-4, in San Francisco, Calif.