News

Certain new electric vehicles purchased on or after January 1, 2023, will be eligible for up to a $7,500 clean vehicle tax credit, according to new IRS guidance. Private nonprofit colleges and universities and some public institutions can claim the credits.

The Treasury Department’s notice is the initial implementation of the strong labor standards that firms must meet to qualify for enhanced clean energy and energy efficiency tax incentives, including the green building deduction under Section 179D.

The Department of the Treasury and the IRS have issued six notices asking for public comments on various aspects of extensions and enhancements of energy tax benefits enacted in the Inflation Reduction Act. The credits offer new opportunities for colleges and universities to invest in renewable energy.

Alexander Reid, partner at the law firm BakerHostetler, discusses issues raised by a memo from the National Labor Relations Board General Counsel, which proposed to classify some college athletes as employees.

The IRS has updated informal guidance on the tax treatment of pandemic-related emergency grants to address when colleges and universities use institutional grant monies to cancel or discharge balances on student accounts.

The IRS will treat erroneous refunds of COVID-19-related paid sick and family leave and employee retention credits paid to employers as underpayment of taxes, according to new temporary regulations.

In accordance with the Taxpayer First Act, new proposed regulations would require more exempt organizations, partnerships, and businesses to file annual tax returns and forms electronically.

The IRS has issued guidance for employers implementing the expansion and extension of the Employee Retention Credit included in the CARES Act.

Following advocacy from NACUBO, the IRS has clarified that colleges and universities will not need to separately track or note emergency grants to students for purposes of 2021 Form 1098-T reporting, nor should they issue Forms 1099-MISC.

Employers with sufficient wage expenses last year may utilize both the tax credit for employee retention and a Paycheck Protection Program loan, according to new IRS guidance.