IRS Warns of New Scam Involving Clean Energy Tax Credit

Published on July 3, 2024

The Internal Revenue Service (IRS) is warning taxpayers of a new scam involving the purchase of clean energy tax credits. In a notice published July 3, the IRS said it’s seeing cases where fraudulent tax-return preparers lie to their clients about claiming clean energy credits under the Inflation Reduction Act (IRA). The 2022 law, passed as part of the federal government’s billion-dollar initiative to address climate and energy challenges, allows any company in any industry to buy tax credits—at a discount—from developers of wind, solar, and other clean energy projects. It also allows individual taxpayers to buy tax credits from investments in those projects to offset their federal income tax liability....

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