IRS Energy Credit Reviews Have Gaps, Watchdog Says

Law360, New York (January 30, 2014, 5:08 PM EST) -- The Internal Revenue Service needs to establish a permanent process to identify taxpayers who received a tax grant for installing energy properties and also erroneously claimed investment tax credits for the projects, says a report released by an IRS watchdog on Thursday. 

Taxpayers who receive Section 1603 grants for energy projects are barred from claiming investment tax credits — either the Energy Production Tax Credit or the Energy Investment Tax Credit — for the same project, but some taxpayers may have done so and IRS review...
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