7887.06 / Are taxpayers claiming enhanced green energy credits required to re-port wage payments to the IRS throughout the year?

Instead, taxpayers are required to establish that they paid prevailing wages at the time they file a tax return claiming the enhanced credit.

The IRS expects that taxpayers will be required to report the following information when filing their returns:

(i) the location and type of qualified facility;

(ii) the applicable wage determinations for the type and location of the facility;

(iii) the wages paid (including any correction payments) and hours worked for each of the laborer or mechanic classifications engaged in the construction, alteration, or repair of the facility;

(iv) the number of workers who received correction payments;

(v) the wages paid and hours worked by qualified apprentices for each of the laborer or mechanic classifications engaged in the construction, alteration, or repair of the facility;

(vi) the total labor hours for the construction, alteration, or repair of the facility by any laborer or mechanic employed by the taxpayer or any contractor or subcontractor; and

(vii) the total credit claimed.

Taxpayers claiming the enhanced credits should keep thorough records and documentation and expect to produce that documentation on request from the IRS.