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IRS issues final regulations for the rehabilitation credit
IRS issues final regulations for the rehabilitation credit
https://www.irs.gov/newsroom/irs-issu
https://accountinginstruction.info/
The Internal Revenue Service today issued final regulations for taxpayers who claim the rehabilitation credit. The Tax Cuts and Jobs Act (TJCA) amended the rehabilitation credit so that taxpayers now claim the rehabilitation credit over a five-year period. The TCJA amendments generally apply to a taxpayer's qualified rehabilitation expenditures paid or incurred after December 31, 2017. Taxpayers, however, may claim the credit all in one year under pre-TCJA rules for projects that qualify under a transition rule. The transition rule allows taxpayers to use the prior law if the project meets these conditions:
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By Robert (Bob) SteeleIRS issues final regulations for the rehabilitation credit
https://www.irs.gov/newsroom/irs-issu
https://accountinginstruction.info/
The Internal Revenue Service today issued final regulations for taxpayers who claim the rehabilitation credit. The Tax Cuts and Jobs Act (TJCA) amended the rehabilitation credit so that taxpayers now claim the rehabilitation credit over a five-year period. The TCJA amendments generally apply to a taxpayer's qualified rehabilitation expenditures paid or incurred after December 31, 2017. Taxpayers, however, may claim the credit all in one year under pre-TCJA rules for projects that qualify under a transition rule. The transition rule allows taxpayers to use the prior law if the project meets these conditions: