The Federal Tax Credits Blog

Archive for the ‘Energy Tax Credit’ Category

Question: Why do you think a former Bush economic advisor is arguing for a carbon tax?

At yesterday’s Deals & Deal Makers Conference in New York, Glenn Hubbard, the Columbia Business School Dean and former Bush administration economic adviser, argued in favor of a carbon tax.

http://blogs.wsj.com/energy/2007/06/28/hubbard-argues-for-a-carbon-tax/

Hubbard supports either a carbon tax or a carbon cap and trade system in which the carbon credits are auctioned off. He does not support a cap and trade system in which the credits are given away, because then the government isn’t getting any funds from the process.

Hubbard basically feels that the government can redistribute funds from a carbon tax to reduce other taxes and have no net tax increase.

This is no liberal. This is a former Bush economic advisor who was instrumental in Bush’s 2003 tax cuts

http://en.wikipedia.org/wiki/Glenn_Hubbard_(economics)

What do you think about this conservative economist pushing for a carbon tax?

Answer: Think when I heard him on NPR he mentioned a carbon tax is a good idea if it is offset by a tax reduction in some other area. A “no net gain” in taxes kind of thing. The economics of it makes sense – find a way to use less fuel (electricity included if made from fossil fuel), and pay less taxes – a good incentive. He also mentioned that the taxes should be used for developing alternative fuels and such.

This would help spur innovation to reduce global warming (think that is the point of the carbon tax), but unfortunately more needs to happen.

US Oct Crude Imports 8.566M B/D, -15.1% Vs Yr Ago -EIA

NEW YORK (Dow Jones)–U.S. crude oil imports in October fell 7.1% from September and were 15.1% below the year-earlier level at 8.566 million barrels a day, the lowest level since September 2008 when hurricanes disrupted refineries and pipelines, crimping imports, government data released Wednesday show.

Evaluating the impact of three incentive programs on the economics of cofiring willow biomass with coal in New York State [An article from: Energy Policy] $10.95 This digital document is a journal article from Energy Policy, published by Elsevier in 2005. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.Description: Plantations of fast-growing willow shrubs are being promoted as a source quality biomass feedstock for bioenergy and bioproducts in New Yo…

BJs Home Improvement-Total Basement Finishing

While going in for Home improvement most of us concentrate on enhancing the appearance of the house while forgetting the practical enhancements that we can incorporate which could provide long term benefits. Insufficient home insulation is probably costing your family more than you imagine in dollars and comfort as well.

Roofing Insulation in Perth is an effective way to prevent heat loss or gain in the interior of the house by shielding it from the weather outside. This is most cost effective if done while remodeling or renovating your house.

Installing ceiling insulation with the help of Insulation installer in Perth is the most important of all because if you will, you will not only protect your house from too much heat during the summer or too much cold in the winter but you will also protect your roof from any damage the extreme conditions may cause.

If you do not have in your Home roof or ceiling, then you may be miserable as all of your coolness is leaking right out of the roof. Apart from being uncomfortable, you are paying extra money on your electric bill due to the lack of . It has been stated that people in Perth and entire Australia along with other Home owners across the world are paying anywhere from two hundred dollars to seven extra on their electricity bill each year all because they do not have .

Also When we look at the facts, we find that the average household could save anywhere from 200 dollars to seven each year if they get their Home ceiling and roof insulated. During this time of need, the Australian government has decided to give people the relief they have been waiting for.

Government of Australia is giving a big break. Australia’s Federal government has recently approved a new initiative to reduce energy consumptions by Aussie Ceilings with the Home owner Insulation Program which offers installation of roofing insulation in Perth valued up to $1,600. This grant is available to owners as well as landlords of residential property in Australia. The insulation rebate Perth is available from 1st July 2009 until December 2011. For home owners, the insulation rebate in Perth is up to $1600 worth of ceiling insulation and $1000 for tenants and landlords. The insulation rebate is expected to cover up to 2.9 million Australian home.

A tightly sealed house is just as important as Perth insulation. If you decide on loose-fill fiberglass or cellulose, consider hiring a pro to install the material. The equipment pros use blows in material at the correct density. Ceiling Insulation can completely insulate your Ceiling with a range of energy reducing materials including Polyester, Fiber Glass or treated wool. Insulation products include Pink Batts, Insulco and GreenStuf batts.

Thus, Proper ceiling insulation saves plenty on energy costs by keeping the home heating system efficient. Another benefit of insulation is noise suppression. Adequate ceiling insulation helps home owner’s lower winter heating costs and provides environmental benefits to the community. Roof insulation in Perth is very much cheaper and can be readily available.

Mass. unveils new solar-rebate programs

Massachusetts energy officials unveiled the heirs apparent to its wildly successful Commonwealth Solar rebate program, using a mix of ratepayer funds and stimulus money to pay for the incentives.

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Question: How would solar federal tax credits benefit the owner of a S corp?

A business that puts in a solar energy system is entitled to a 30% federal investment tax credit. I am not sure if or how this could benefit owners of an S Corp.

I am also wondering the same about C corps and LLC’s?

I was told that solar tax credits would have no benefit for S corps and the like because they typically do not pay any corp income tax. I am not sure if this is true.

Thanks for any help with this.

Answer: This credit would benefit the owners of an S corp on their personal returns as their share of the credit would be passed to them on the Schedule K-1 that they would receive from the S corp.

In the case of a C corp, it would be a credit against their tax liability just like any credit.

As far as an LLC, the question doesn’t make sense since the term LLC is an adjective describing the company – it is not a form of business in itself. In other words, and LLC could be a sole propriatorship, a partnership, an S Corp, or even a C Corp.

In a nutshell, this credit, like all credits, would benefit whoever pays the taxes of the business – the C corp itself, or the owner(s) or the sole proprietorship or partnership or S corp.

Logansport couple plugs into the sun’s power

LOGANSPORT, Ind. (AP) – A northern Indiana couple who run a landscaping business are now plugged into the sun’s power with solar panels that have cut their monthly electric bills more than in half.

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Platts: Financing Renewable Power Generation — Forecasting the Value of Renewable Energy Credits and the Role of the Production Tax Credit $35.00 This 5-page White Paper by Platts, a McGraw-Hill company, focuses on renewable power generation becoming an ever more important component of the U.S. power system and Platts renewable supply model. Topics include the renewable power supply model and Renewable Portfolio Standards (RPS) setting demand for renewable power and methodologies used to assess current and future available technology resour…

Urban Re:Vision Director Eric Corey Freed talks energy efficiency tax credits with Fox Business News

Undisclosed Offshore Accounts are being hunted down with FBAR (Foreign Bank Account Reporting) information requests of U.S. Taxpayers suspected of hiding assets in the wake of the UBS AG fallout and IRS Offshore Settlement Initiative.

What is in store for undisclosed account holders?

In 2009, the IRS and U.S. Department of Justice commenced a highly publicized investigation into Swiss bank UBS AG and U.S. account holders who essentially hid their assets from the U.S. Government. However, the investigation did not conclude with UBS. To entice taxpayers to come clean and disclose their foreign assets in exchange for lesser penalties, the IRS instituted the Offshore Settlement Initiative Voluntary Disclosure Program (the Initiative). Although the deadline to participate in the Offshore Settlement Initiative is long gone, it is clear that offshore tax evasion will continue to be a top IRS enforcement priority. Now, what can U.S. taxpayers with undisclosed offshore accounts who did not make the October 15, 2009 Offshore Settlement Initiative deadline expect coming up?

The IRS will be ramping up their Information Document Requests or IDRs targeting offshore bank accounts.Taxpayers may receive a Form 6564, Information Document Request, to obtain necessary books, papers, and other information relevant to the IRS examiner inquiry into the truthfulness of a tax return. The Information Document Request is a proper and structured process for the IRS to request and get information from taxpayers, including information regarding offshore bank accounts. Although not as formal as a subpoena, an IDR carries with it consequences for failure to comply and can lead to further inquiry and possible sanction.

The IRS will focus Information Document Requests on U.S. taxpayers with offshore assets and accounts that failed to disclose these interests to the U.S. government on their Form 1040, U.S. Individual Tax Returns, and file a corresponding Form TD F 90-22.1, Foreign Bank Account Reporting FBAR. If IRS agents discover that a taxpayer has not reported an interest in an offshore account or income accruing on such accounts during the course of an audit, the IRS may impose steep penalties including the greater of $100,000 or 50% of the offshore account balance for willful failure to file an FBAR for each account. These penalties, compounded with interest and fraud penalties, can essentially wipe out the taxpayers foreign assets. Additionally, taxpayers could be subject to criminal prosecution and jail time for tax evasion.

The issues surrounding these IDRs are extremely delicate and should be approached with considerable caution. Taxpayers who have been sent an Information Document Request by the IRS are best served by getting in touch with a tax attorney who is experienced at resolving disputes with the IRS quickly. An attorney can direct the taxpayer how best to answer an Information Document Request and will be able to talk with his attorney the most appropriate course of action. Otherwise the Internal Revenue Service can seek formidable fines and possible criminal prosecution against those U.S. Taxpayers believed to be hiding assets in undisclosed offshore accounts.

Business briefs for July 2

State grant will help pay for youths’ jobs

High Gas Altenative Fuel Source

There is a lot of focus on saving the environment and manufacturers of various products are now using green technology to preserve the environment. For consumers, there is even an added advantage to using the eco-friendly appliances. They are designed to use less energy which means that the electricity bills are lower when you use them. When you are buying household appliances, look for those that have an “Energy Saving Recommended” mark. Those appliances that have an A rating will save you the greatest amount of energy. Apart from saving on energy, these appliances will save water. Manufacturing companies also save on the raw materials that are used to produce these products if they are recyclable.

A washing machine is one of the appliances that use a lot of energy in the home. Choose a machine that is A-rated and has a 40C wash to save on electricity. A washing machine that is front-loading saves more energy compared to a top-loading one.

Refrigerators that are eco-friendly should be rated A+ or higher. The refrigerants that are used in the foaming agents that help to insulate and those in the circuit used in refrigerating should only have an ozone depleting potential of zero. The potential for global warming in these parts should not be more than 15. After the end of the lifecycle of the appliance, the manufacturer should take it back for recycling. Select a refrigerator that has a top and bottom instead of a side by side one. Avoid using ice makers, defrosters and heaters as they use a lot of electricity.

All the information that is necessary to determine how eco-friendly the appliance is should be clearly shown on it. When it comes to these products, even the material that is used to package them should be made of 80% recyclable material.

A majority of homes use dishwashers and having the wrong one can cost you twice the amount of electricity you should be paying. An energy saving dishwasher uses less water, produces less noise, has free take –back to allow recycling of water and does not use flame retardants that are harmful. Look for one that has a booster heater.

A hybrid solar oven is a better choice compared to electricity one since it heats up to about 400 degrees without any need for electricity. It also comes with an electricity backup for the times when there is no solar power available.

The size of the appliance that you buy will also determine how much energy will be used. Buy the appropriate size depending on the needs you have. The amount of energy that is consumed by an appliance is measured using Watts and not the voltage. This means that an appliance with low voltage will still use more energy. When you leave appliances on stand-by, they use about a quarter of the energy used to run them. It is advisable to switch of appliances and even plug them off when they are not in use.

5 things to know about energy rebates

1. Federal appliance rebates are going fast …