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 theContinue Reading IRS Ramps Up Enforcement Efforts; Focuses on Foreign-Owned and ‘Mega’ Corporations
To address the tax implications for taxpayers who stake cryptocurrency on a proof-of-stake blockchain and receive validation rewards, on July 21 the Internal Revenue Service (IRS) issued Revenue Ruling 2023-14…Continue Reading IRS Clarifies Taxation of Staking Crypto Rewards
On June 14, 2023, the IRS released proposed and temporary regulations and additional guidance describing rules for applicable taxpayers to benefit from clean energy projects through electing to receive direct…Continue Reading Proposed Regulations under Section 6417 Direct Pay for Clean Energy Tax Credits
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
This GT Alert highlights some of the legislative trends in state and local tax that emerged during Q1 2023.
- States keep cutting rates. The states by and large remain
On March 1, 2023, the House Revenue Committee will hold an informational hearing on three taxpayer-friendly bills:
- H.B. 2546, which would eliminate Oregon’s throwback rule for sales factor purposes;
California’s youngest tax agency, the Office of Tax Appeals (OTA), may be in for some significant changes based on proposed amendments (Proposed Amendments) to Title 18, Chapter 4.1 of the…Continue Reading California Office of Tax Appeals – Significant Changes May Be on the Horizon