This article has been saved to your Favorites!

Weekly Internal Revenue Bulletin

By Theresa Schliep · April 16, 2021, 3:55 PM EDT

The Internal Revenue Service released its weekly Internal Revenue Bulletin on Friday, highlighting guidance on claiming the employee retention tax credit and final rules on the carbon capture tax credit.

The bulletin, dated April 19, included a notice providing additional guidance on the employee retention tax credit, which was created by the Coronavirus Aid, Relief and Economic Security Act . The tax credit is available for certain employers that had businesses partly or completely shut down or that faced a significant decline in gross receipts because of the coronavirus pandemic.

Specifically, the guidance addresses changes made to the credit for 2021 by the Taxpayer Certainty and Disaster Tax Relief Act of 2020, which passed along with a year-end spending bill in December and extended the credit through June.

The publication also highlighted rules issued by the IRS in January on the carbon capture tax credit under Internal Revenue Code Section 45Q . The rules clarify that equipment owners may transfer the credit's value only to the final disposers, injectors or users of carbon, with whom those owners have entered into contracts.

--Additional reporting by Joshua Rosenberg. Editing by Neil Cohen.

For a reprint of this article, please contact reprints@law360.com.