Tax Credits for Clean Energy Manufacturing: Sec. 45X vs. Sec. 48, Recent IRS Guidance, Pitfalls to Avoid

Mr. Mowbray focuses his practice on U.S. federal income tax matters, with an emphasis on international tax and the taxation of financial products. He regularly advises clients on ways to enhance the tax efficiency of commercial transactions and operating structures, including outbound investments by U.S. multinationals, inbound investments by non-U.S. multinationals, the structuring of cross-border financings, internal restructurings and reorganizations, and acquisitions. Mr. Mowbray also regularly advises clients on controversy matters involving the recognition of income, transfer pricing and the international tax provisions of the Tax Cuts and Jobs Act of 2017. In addition, he has significant experience with advising clients on digital asset transactions, offerings and entity and investment structures.

Ms. Mucenski-Keck has over twenty years of experience in the accounting industry specializing in federal domestic and international tax planning for businesses, pursuing optimization to maximize cash impact.  She has advocated for privately held businesses through her testimony to the House of Representatives Committee on Small Business.  Ms. Mucenski-Keck highlighted how federal income tax policies including research and experimental capitalization, interest expense modifications, and the decrease in bonus depreciation are limiting cash in privately owned businesses and prohibiting innovation and growth.   She also leads Withum’s clean energy credit initiatives that have been significantly altered since the passing of the Inflation Reduction Act in August of 2022, including providing up-to-date information on the ability to elect the direct pay or transfer of the federal income tax credits. Ms.Mucenski-Keck received her Bachelor of Science degree in Accounting from St. John Fisher College and a Master’s in Taxation from the University of Denver. She is a CPA, licensed in New York and a member of the American Institute of Certified Public Accountants. She was appointed as a Forbes Tax Contributor in February of 2021. Previously, she was an Associate Accounting Professor at St. John Fisher College from 2010-2019.  

Mr. Strong is a leader in the delivery of tax accounting services related to inventory valuation, accounting method issues, tax controversy, and corporate planning and consultation. He has more than 20 years of experience and specializes in monitoring legislative and regulatory changes for communication to firm management. Mr. Strong has also worked extensively with both publicly traded and privately held companies providing tax compliance and consulting services.