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 California, spring flowers may bring tax dollars as state Senate Democrats propose increasing the corporate tax rate along with other changes and the California Supreme Court agreed with the
Continue Reading More Taxes in California’s 2023-2024 Budget Plan; CA Supreme Court Declines to Review Sales Tax Case
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.
On April 10, 2023, the U.S. Treasury Department issued proposed regulations identifying certain micro-captive transactions as listed transactions or transactions of interest for purposes of the disclosure rules for taxpayers
Continue Reading IRS Proposed Regulations Identify Micro-Captive Transactions as Listed Transactions – Responding to CIC Services Decision
On March 1, 2023, the House Revenue Committee will hold an informational hearing on three taxpayer-friendly bills:
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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
The Foreign Investment in Real Property Tax Act of 1980, as amended (FIRPTA), imposes tax on gain realized on disposition by nonresident alien individuals or foreign corporations (non-U.S. persons) of
Continue Reading IRS and Treasury Department Finalize Qualified Foreign Pension Funds Regulations
In CIC Services, LLC v. IRS,1 the U.S. District Court for the Eastern District of Tennessee invalidated Notice 2016-66 for failing to comply with the Administrative Procedure Act
Continue Reading Court Invalidates IRS Notice 2016-66 on Micro-Captive Transactions, the Second Time an IRS Notice Was Vacated This Month
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On 16 February 2022, the Netherlands and Colombia signed a tax treaty for the elimination of double taxation and the prevention of tax evasion and avoidance. The Treaty prevents double
Continue Reading The Netherlands and Colombia Have Signed a Tax Treaty