TIGTA Releases 48C Program Audit

Wednesday, March 27, 2013 - 7:00am

The Treasury Inspector General for Tax Administration (TIGTA) today released an audit of the 48C Advanced Energy Manufacturing Tax Credit (MTC). TIGTA found that, as a result of Internal Revenue Service (IRS) attempts to simplify program guidance so it would be more easily understood as well as efforts to ensure equitable credit distribution, inconsistencies exist between issued guidance and the law governing the program. However, TIGTA also found that these inconsistencies did not affect the IRS’s compliance with the Internal Revenue Code when awarding credits. TIGTA did not make any recommendations for change.

Tune in to the April 2 Tax Credit Tuesday podcast to hear more about the audit and what TIGTA found.