KEY TAKEAWAYS FROM THE PROPOSED REGULATIONS The proposed regulations provide a step forward in structuring eligible feedstock source criteria for the hydrogen production process. Yet, the regulations also display incompleteness as evidenced... Read more »
On Dec. 21, 2023, the Internal Revenue Service (IRS) announced a new voluntary disclosure program (VDP) for taxpayers who have received an employee retention credit (ERC) refund for which they might not have been... Read more »
The Internal Revenue Service announced on September 14 that it was “increasingly alarmed” about potentially abusive submissions for tax credits under the Employee Retention Credit (ERC), which is a tax credit passed... Read more »
On Sept. 14, 2023, the IRS announced an immediate moratorium on the processing of amended returns claiming Employee Retention Credits (ERC). The moratorium, which is set to run through the end of 2023, is... Read more »
Wednesday, September 13, 2023 Highlights The U.S. has made extraordinary progress toward developing and implementing the National Clean Hydrogen Strategy in a few short years, moving from concept to appropriation, public-private planning,... Read more »
Monday, September 11, 2023 On Sept. 6, 2023, the IRS opened the application period for taxpayers interested in participating in the CAP program. (See, IR-2023-164). It will remain open until Oct. 31,... Read more »
Tuesday, September 5, 2023 On Aug. 25, 2023, the Internal Revenue Service (IRS) and the Treasury Department issued proposed regulations (the Proposed Regulations) regarding the sales or exchanges of digital assets, including... Read more »
Friday, September 1, 2023 At the beginning of 2023, the Internal Revenue Service (IRS) increased the amounts individuals can gift free of federal gift and generation-skipping transfer (GST) tax. The amounts now... Read more »
Related Practices & Jurisdictions On Friday, the IRS released Notice 2023-62, which addresses certain pressing implementation issues related to the SECURE 2.0 requirement that catch-up contributions for participants with FICA wages of more than $145,000... Read more »