IRS Alert: Beware of a New Clean Energy Tax Credit Scam – Consult Trusted Tax Professionals
The IRS warns against a new scam involving clean energy tax credits under the Inflation Reduction Act (IRA). Unscrupulous tax preparers are misleading taxpayers into improperly claiming these credits, especially on Form 1040. Monarch urges taxpayers to consult with knowledgeable advisors when making tax credit investments.
Key Points:
- Scam targets individuals claiming clean energy credits they can’t benefit from.
- Taxpayers are urged to consult trusted tax professionals.
- Inappropriate claims can lead to future compliance actions, repayment, interest, and penalties.
- Stay informed and protect yourself. More details on the IRS website.
This is another example where scammers are trying to use the complexity of the tax law to entice people into claiming credits they’re not entitled to… we urge people to use a reputable tax professional before claiming complex credits like clean energy.
IRS Commissioner Danny Werfel
Related Posts
Monarch Private Capital and Elawan Energy Announce Substantial Completion of Two Renewable Energy Projects
Apr 23, 2024
Monarch Private Capital, a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating both federal and state tax credits, and Elawan Energy, a […]
Monarch Private Capital and Invenergy Close Nearly $170 Million Tax Equity Financing for Samson Solar Energy Center II
Sep 16, 2024
The 200-megawatt facility in Texas will be capable of powering more than 40,000 homes ATLANTA (GLOBE NEWSWIRE) – Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, […]
Weil Article: Transfers of Advanced Manufacturing Production Credits: Perspectives on a Busy Fourth Quarter
Feb 3, 2025
By Bryan Didier, Steven Lorch, Irina Tsveklova and Jonathan Macke Last year—particularly the fourth quarter—saw a significant uptick in transfers of advanced manufacturing production credits (AMPCs) described under Section 45X. […]