Form 8923 allows taxpayers who employ miners in U.S. underground mines to claim a credit of 20% of the training program costs paid or incurred for training of qualified mine rescue team employees. Learn more about the mine rescue team training credit in this article.
What is Form 8923?
Form 8923 allows taxpayers who employ individuals as miners in U.S. Underground mines to claim a credit of 20% of the training program costs paid or incurred during the tax year for training of qualified mine rescue team employees. Qualified employee means a full-time miner eligible to serve as a mine rescue team member who has completed an initial 20-hour course of instruction or 40 hours of refresher training. Training program costs include wages paid while the qualified employee is attending the training program. The maximum amount of training program costs that may be taken into account annually for each qualified employee is $50,000. This credit expired for tax years beginning after 2020.
IRS Form 8923 – Who Needs to Fill It Out?
Taxpayers who employ individuals as miners in U.S. underground mines must fill out Form 8923 in order to claim the mine rescue team training credit. This credit applies to training program costs paid or incurred for qualified mine rescue team employees and can be worth up to 20% of the total training program costs for the tax year, with the maximum amount taken into account annually for each qualified employee being $50,000. Qualified employees must have completed an initial 20-hour course of instruction prescribed by the Mine Safety and Health Administration and/or received at least 40 hours of refresher training. Partnerships and S Corporations must always report the credit on Form 8923. All others can report the credit on Form 3800.
Step-by-Step: Form 8923 Instructions For Filling Out the Document
Follow the Step-by-Step instructions to fill out Form 8923. Watch for the section references associated with the Internal Revenue Code. Stay up to date on the current legislation related to the form by visiting www.irs.gov/Form8923. This form is used to claim the mine rescue team training credit for eligible employees and training program costs up to $50,000. Qualified mine rescue team employees must have completed the required instruction (as prescribed) and receive their refresher training. Additionally, wages included in the training program must meet the requirements of the Federal Unemployment Tax Act (FUTA). Lastly, follow the specific instructions, such as ensuring to reduce the allowable training program costs, and always reporting the credits on line 3.
Below, we present a table that will help you understand how to fill out Form 8923.
| Information Required for Form 8923 | Details |
|---|---|
| Mine Rescue Team Training Credit | Claim credit for eligible employees and training program costs |
| Employee Requirements | Qualified mine rescue team employees must meet training requirements |
| Wages Eligibility | Wages included in the training program must meet FUTA requirements |
| Form Submission | Report credits on line 3 of the appropriate tax form |
Do You Need to File Form 8923 Each Year?
Yes. Form 8923 is filed to report the Mine Rescue Team Training Credit, which applies to training program costs paid or incurred for qualified mine rescue team employees employed as miners in U.S. Underground Mines. This credit is applicable only to individuals who have completed, at a minimum, an initial 20-hour course of instruction, as prescribed by the Mine Safety and Health Administration’s Office of Educational Policy and Development, or have received at least 40 hours of refresher training in such instruction. The maximum credit allowed annually for each qualified employee is $50,000, and the credit is extended for tax years beginning after 2017 and before 2021. For more information on Form 8923, please see the Internal Revenue Code, as well as the instructions for the taxpayer’s business income tax return.
Download the official IRS Form 8923 PDF
On the official IRS website, you will find a link to download Form 8923. However, to make it easier for you, we are providing the link in our article, which comes directly from the official irs.gov website! Click to download: Form 8923
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