Under the Inflation Reduction Act (IRA), businesses that comply with certain prevailing wage and apprenticeship (PWA) requirements can further increase the value of available tax credits. However, the PWA requirements are strict and can be difficult to navigate. During this webinar, our IRA tax credit specialists will cover three main areas taxpayers should know: specifics around PWA rules, the importance of early and frequent monitoring, and reporting on the tax return.With a focus on the apprenticeship rules, which add a lot of complexity and fluidity to projects, we’ll discuss the various daily ratios that must be met as well as hours ratios for the project overall. Additionally, we will discuss best practices around early and frequent monitoring. The more time that passes, the more time business owners could be building up penalties if they’re not in compliance. Finally, reporting PWA on a taxpayer’s tax return has some complexity to it. Will you have what you need at the end of a project to substantiate an enhanced credit claim for meeting PWA requirements?
Learning objectives:
- Understand PWA rules and the complexity when it comes to their requirements.
- Identify the importance of early and frequent monitoring for PWA projects to help reduce noncompliance penalties.
- Understand what may be required for reporting PWA on a tax return.
For more information regarding program cancellation policies, please visit our webinar website or contact our offices at 248-352-2500.
Staff wishing to express complaints regarding this training should contact the Learning Team at 248-223-3881.
Plante & Moran, PLLC, is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417 or by visiting the website: nasba.org
