General, Tax & Assurance Guidance

Deadlines Extended for Energy-Related Tax Credits

Posted on January 13, 2020 by

Margaret Amsden

Margaret Amsden

Share This

Share on facebook
Share on twitter
Share on linkedin
Share on email

Alternative Fuel Tax Credit (IRC 6427(d)) and Nonbusiness Energy Property (IRC 25C) are two key “extenders” which could impact your 2018 tax return. While further guidance still needs to be published, you should be aware of the implications of these extenders. The H.R. 1865 Further Consolidated Appropriations Act, 2020 was signed by the President and became Public-Law No: 116-94 on 12/20/19. These two credits’ expiration date was extended from 12/31/2017 to 12/31/2020.

For the Alternative Fuel Tax Credit:

  • Did you previously file Form 4136 claiming this credit in 2017?
  • Is your business considered a Registered Alternative Fueler?
  • Did your business use propane, liquefied petroleum gas, compressed or liquefied natural gas, and other specifically listed fuel types in a motor vehicle or motorboat?

If so, you could potentially claim a credit of $0.50 per gallon of alternative fuel that was used in 2018.

For Nonbusiness Energy Property:

  • Did you install qualified residential energy property expenditures which include a furnace, central fan, central air conditioner, or water heater in 2018?
  • Did you install qualified energy efficiency improvements which include energy-efficient windows, doors, or installation material in 2018?
  • Were these installations at your principal residence in the United States?

If so, you could potentially claim a credit of up to $500 for the installation of these items. (Note that the maximum credit is $500 over the lifetime of the taxpayer).

While there are other tax credit energy extenders such as credits for Biodiesel & Renewable Diesel, New Energy Efficient Home Credit, and more, the two above could directly impact your tax planning for 2020.  Contact your CPA with specific questions.

Margaret Amsden


Leading the firm’s private client services group, Margaret’s strategic & educational approach fosters a culture of learning among clients and colleagues.

Related Insights

Tax & Assurance Guidance

Foreign Tax Withholding: What You Need to Know

Posted on April 26, 2022 by

Rob Cheyne
Making service payments to a foreign person is a common cross-border transaction. U.S. taxpayers need to be aware of the applicability of withholding tax and related reporting requirements to ensure they comply and avoid unintended consequences. A U.S. payor must collect withholding tax and remit it to the IRS in the case it is applicable.

Tax & Assurance Guidance

SALT Relief for Partners and S Corps

Posted on February 23, 2022 by

Miroslav Georgiev
With small businesses supporting nearly 47% of U.S. employees, states have been advocating for pass-through entities, operating partnerships and S corporations that have been harshly impacted by the Tax Cuts and Job Act ‘s state and local taxes deduction limit. Recent legislative activity is finally providing relief for many of these businesses. 

Tax & Assurance Guidance

IRS Provides Relief on K-2 and K-3

Posted on February 17, 2022 by

Margaret Amsden
In an attempt to provide more transparency with regard to reporting of foreign activity and/or information to foreign owners, the IRS came out with two new forms: Schedule K-2 (an addendum to the Schedule K) and Schedule K-3 (an addendum to the Schedule K-1). Learn about the latest K-2 and K-3 reporting requirements issued by the IRS.

Sign up for our newsletters

Get general business and industry-specific news and knowledge straight from our accounting specialists.

The Sound of Automation Podcast

The Sound of Automation Podcast

Industrial automation businesses are the driving force behind Industry 4.0, and Clayton & McKervey is here to help.

Insights & Perspectives

Data-driven decision making: 3 key insights for business owners

What does it take to build a data-driven business? For self-reliant leaders who feel they’ve hit a plateau when it comes to scaling a business, adopting a data-driven approach can be a breakthrough success strategy. Using data in a more focused way helps good engineers become good entrepreneurs. It’s about creating balance. Here we take a look at key insights for business owners when using data in decision making.

Read More

The Sound of Automation Podcast

Industrial automation businesses are the driving force behind Industry 4.0, and Clayton & McKervey is here to help.

Skip to content