Following their recent announcement regarding new partnership and global high wealth enforcement initiatives, the Internal Revenue Service (IRS) on Oct. 20 announced another enforcement initiative focusing on foreign corporations and the

Continue Reading IRS Ramps Up Enforcement Efforts; Focuses on Foreign-Owned and ‘Mega’ Corporations

On March 16, 2023, California Assembly Bill 52 (AB 52) was amended to provide a manufacturing equipment tax credit. If signed into law, taxpayers would be authorized to take an 

Continue Reading Will California Provide a De Facto Local Tax Exemption for the Sale or Use of Manufacturing Equipment?

In Polselli v. IRS, the Supreme Court was tasked with determining whether the IRS, pursuant to powers granted in Internal Revenue Code (IRC) section 7609(c)(2)(D)(i), is entitled to issue third-party summonses, without notice, for bank account records in which the taxpayer targeted by the summons does not have a legal interest.
Continue Reading Supreme Court Affirms IRS Power to Summons Bank Information Without Notice to Delinquent Taxpayer

On April 4, the Internal Revenue Service issued Notice 2023-29 (the Notice), which describes certain rules the IRS intends to include in proposed regulations for qualifying for the energy community

Continue Reading IRS Issues Guidance for Developers, Investors Seeking to Qualify for Energy Community Bonus Credits Under Inflation Reduction Act