The Treasury and IRS have issued final regulations and guidance on the direct pay of certain tax credits under the Internal Revenue Code. These regulations provide guidance on the direct pay of certain tax credits under the Indian Employment Tax Credit (IEC) and the Work Opportunity Tax Credit (WOTC) for employers who are eligible for the Indian Employment Credit (IEC) and the Work Opportunity Tax Credit (WOTC). The final regulations also provide guidance on the direct pay of certain tax credits under the Indian Employment Tax Credit (IEC) and the Work Opportunity Tax Credit (WOTC) for employers who are eligible for the Indian Employment Credit (IEC) and the Work Opportunity Tax Credit (WOTC).
The U.S. Treasury Department and IRS today issued final regulations and other guidance relating to direct pay of certain tax credits available under the “Inflation Reduction Act of 2022” (IRA)) and the “The CHIPS and Science Act of 2022” (CHIPS Act). Both sets of final regulations describe the rules for the elective payment election, including special rules applicable to certain types of entities, excessive payment penalties, basis reduction and recapture, denial of double benefit, and the pre-filing registration process.
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