Help Wanted: Treasury and the IRS Gear Up on Energy Tax Guidance
Tax attorney Nicole Elliott was quoted in a Forbes article discussing the changes to the energy provisions in the tax code through the Inflation Reduction Act (IRA). The U.S. Department of the Treasury and Internal Revenue Service (IRS) will release notices in hopes of receiving informal guidance from taxpayers and their representatives. Each notice asks commentators to identify which issues need guidance quickly and which are most important. The comments received will likely form the basis of the to-do list and could help smooth the guidance process. Ms. Elliott said this approach is encouraging.
“IRS and Treasury seem to be intent on engaging stakeholders early and often," she said.