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
Continue Reading IRS Halts Processing of Employee Retention Credit Claims, Announces Initiatives for ERC Claims Filed by Ineligible Businesses
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
Continue Reading Treasury and IRS Issue New Proposed Regulations on Digital Assets
This past legislative session, the Florida legislature passed the Live Local Act, a comprehensive affordable housing law incentivizing private developers to build multifamily residential projects and to rent apartments at
Continue Reading Guidance Published on Florida’s Live Local Act Property Tax Exemption for Middle Market Multifamily Projects
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
The IRS Office of Chief Counsel has published a general legal memo clarifying prior guidance to confirm that general supply chain disruptions alone do not justify a claim for the
Continue Reading IRS Says General Supply Chain Disruptions Do Not Justify Employee Retention Credit
On June 14, 2023, the IRS released proposed and temporary regulations and additional guidance describing rules for eligible taxpayers to benefit from clean energy projects through selling any of the
Continue Reading Proposed Regulations under Section 6418 Transferability of Clean Energy Tax Credits
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 May 31, 2023, the IRS released Notice 2023-44, which provides additional guidance for applicants seeking allocations of the Qualifying Advanced Energy Project Credit under Section 48C of the
Continue Reading IRS Provides Additional Guidance for Advanced Energy Projects Under Section 48C of the Code
The Internal Revenue Service issued proposed regulations on May 31, 2023, for the Low-Income Communities Bonus Credit Program under Section 48(e) of the Internal Revenue Code. The proposed regulations provide
Continue Reading IRS Issues Proposed Regulations for Energy Projects Located in Low-Income Communities
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?