Blog

The Internal Revenue Service finalized regulations on Feb. 23, 2023, significantly expanding mandatory electronic filing of tax and information returns that require almost all returns filed on or after Jan. 1, 2024, to be submitted to the IRS electronically instead of on paper. Under the new rules, filers of 10 or more returns of any Read More

In 2022, Congress passed the Inflation Reduction Act (IRA), a broad piece of legislation featuring provisions to advance clean energy production and domestic manufacturing capacity. Changes to tax credits and incentives under this new law offer manufacturers significant opportunities to fund new renewable energy projects and investment in domestic manufacturing of equipment such as electric Read More

Florida Gov. Ron DeSantis signed H.B. 5 on May 31, 2023, to repeal several tax credit programs, including credits against numerous Florida business taxes. The following six programs are repealed effective July 1, 2023: Qualified target industry tax refund program. Quick action closing fund program. New markets tax credit program. Entertainment industry tax credit program.

Read More

A judicial resolution may be near for the unanswered question of whether limited partners in state law limited partnerships may claim exemption from self-employment (SECA) taxes — despite being more than passive investors. Depending on the outcome in the pending Soroban Capital Partners litigation, limited partners in state law limited partnerships who actively participate in Read More

The U.S. Tax Court held on April 3, 2023, in Farhy v. Commissioner, 160 T.C. No. 6 (April 3, 2023), that the Internal Revenue Code does not provide authority for the Internal Revenue Service to assess penalties imposed under IRC Sec. 6038(b)(1) or (2) for failure to file Form 5471, Information Return of U.S. Persons

Read More

Summary More equity investors that are involved with projects to receive income tax credits and other income tax benefits might be able to use the proportional amortization method (PAM) to account for their investments. On March 29, 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-02 (“the Update”) to expand the Read More

On April 11, 2023, the U.S. Treasury Department and the IRS issued proposed regulations under IRC Section 6751(b) (REG-121709-19; 88 F.R. 21564-21572].  Section 6751(b) requires written supervisory approval of certain penalties prior to assessment and in recent years, courts have adopted different interpretations of various aspects of this requirement. The proposed regulations are intended to

Read More

State and local taxes represent a key and often material part of a business’s total tax liability. Many states are reporting budget surpluses, reducing tax rates and offering new credits and incentives, but states are also looking to expand taxation of the digital and internet economy. With the calendar year 2022 tax reporting and filing season

Read More

The Consolidated Appropriations Act, 2023 (Public Law No. 117-328) that was signed into law on December 29, 2022 by President Joe Biden includes the SECURE 2.0 Act of 2022, which introduces over 90 changes to the federal rules governing workplace retirement plans. This landmark legislation builds on the original SECURE Act that was enacted on

Read More

The U.S. Treasury Department and the IRS on December 29, 2022, released information on the clean vehicle provisions of the Inflation Reduction Act. The new guidance provides greater clarity to consumers and businesses that, beginning January 1, 2023, are able to access tax benefits from the law’s clean vehicle provisions. The information took the form Read More