AGC to Provide Educational Webinars on September 26 & October 3
The Treasury Department and Internal Revenue Service have published a notice of proposed rulemaking providing more information on how to satisfy the prevailing wage and apprenticeship requirements (PWA) for enhanced tax benefits under the Inflation Reduction Act (IRA). This is the second round of guidance and request for input. Treasury and the IRS previously provided guidance on the PWA requirements in a 2022, to which AGC submitted extensive feedback.
In today’s announcement, Treasury and IRS advise that generally, these new proposed rules provide guidance to taxpayers intending to claim the increased credits or deductions. Additionally, the proposed regulations would provide guidance for taxpayers that initially fail to satisfy the PWA requirements but seek to cure the failure by complying with certain correction and penalty procedures. Finally, the proposed regulations would provide rules concerning specific PWA recordkeeping and reporting requirements.
To further assist taxpayers and other stakeholders in understanding these provisions, the IRS also released frequently asked questions and Publication 5855 which is an overview of the prevailing wage and apprenticeship requirements and the applicable credits.
In response to the recent developments, AGC of America is also offering a two-part educational webinar series (September 26th and October 3rd at 2:00 PM ET) on the Latest Developments with the Inflation Reduction Act and one specific to complying with the prevailing wage and Apprenticeship Requirements in light of the new Treasury Guidance. For more information and register click here.
For more information, contact Jim Young at jim.young@agc.org or 202-547-0133, Matt Turkstra at matthew.turkstra@agc.org or 202-547-4733, or Claiborne Guy at claiborne.guy@agc.org or 703-837-5382.