December 2, 2024
If your tax-exempt organization is submitting Form 990-T solely to claim applicable clean energy credits under the Inflation Reduction Act, the IRS has released a new video to help.
The video is posted on the IRS StayExempt site and is called “Filing Form 990-T for Elective Payment Election Only.” This 29-minute video and accompanying PDF includes instructions for entities on how to identify themselves, how to complete necessary lines on Form 990-T, and guidance on attaching additional forms like Form 3800 and source credit forms (e.g., Form 8911 for electric vehicle charging stations, Form 8936 for electric vehicles, and Form 3468 for solar panels).
The accompanying PDF document also provides hypothetical examples and step-by-step instructions for calculating and reporting these credits. It emphasizes the importance of pre-filing registration and includes specific details on filling out each form and the required attachments.
The video can be found here: www.stayexempt.irs.gov/home/depth-topics/form-990-t-elective-payment-election-only-presentation
The video assumes that you have general familiarity with applicable entity status, applicable credits, and pre-filing registration. If you need further assistance, please reach out to your tax advisor, or contact the GRF Nonprofit Tax Team for help.
