The IRS has provided a safe harbor for public utilities that are inadvertently or unintentionally using a practice or procedure that is inconsistent with the normalization rules relating to the investment tax credit and Modified Accelerated Cost Recovery System. If the safe harbor applies, the IRS will not assert that the practice constitutes a violation […]
The post New Safe Harbor for Utilities that Inadvertently Violate ITC and MACRS Normalization Rules (Rev. Proc. 2017-47) appeared first on Tax & Accounting Blog.