LB&I Compliance Campaigns: 48C Energy Credit and CCM Accounting for Land Developers
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IRC 48C Energy Credit Campaign
Lead Executive: Kathy Robbins
This campaign ensures that only those taxpayers whose advanced energy projects were approved by the Department of Energy, and who have been allocated a credit by the IRS, are claiming the credit. These credits must be pre-approved through extensive application to the DOE. The treatment stream for this campaign will be soft letters and issue-focused examinations.
Land Developers - Completed Contract Method (CCM) Campaign
Lead Executive: Peter Puzakulics
Large land developers that construct in residential communities may be improperly using the Completed Contract Method (CCM) of accounting. A developer, whose average annual gross receipts exceed $10 million, may only use the CCM under a home construction contract. In some cases, developers are improperly deferring all gain until the entire development is completed. LB&I will provide training for revenue agents assigned to work this issue. The treatment stream includes development of a practice unit, issuance of soft letters, and follow-up with issue based examinations when warranted.
Kathy J. Robbins, Director, Enterprise Activites Practice Area
Pete Puzakulics, Director of Corporate Issues and Credits, Enterprise Activities Practice Area
Lavena Williams, Director Eastern Compliance Practice Area
Liz Askey, Managing Director, Grant Thornton LLP
Steven Friedman, Co-Managing Member, Friedman Advisors, LLC
Courtney Sandifer, Senior Manager, Deloitte Tax LLP
PLEASE NOTE: To receive CLE credit, each individual attendee must be logged into the webinar interface for the ENTIRE program (including the Q&A). Partial credit is not available for this program. Please see the CLE Informaton page for more details.