Employers that want to claim “green energy” tax credits made available by the Inflation Reduction Act, take note: The IRS is releasing final regulations and guidance about prevailing wage and apprenticeship (PWA) requirements. In general, businesses must comply with the PWA tests if a worker performs construction, alteration or repair of a qualified facility. However, the final regs waive penalties if employers relied on earlier rules so long as they correct the amounts paid to impacted workers within 180 days of the final regs’ publication. They’re expected to be published on June 25, 2024. To view a summary of the final regs: https://bit.ly/3VP1kJe. Contact us for more information.
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