The proposed regulations, released on May 28 and on which taxpayers may currently rely pending finalization, build on prior guidance for carbon capture and sequestration tax credits under Section 45Q of the Internal Revenue Code. This guidance provides a framework for certainty in allowing developers, investors, and even service providers to benefit from the Section 45Q credit in a manner similar to that employed for other industries.
The US Department of the Treasury and the Internal Revenue Service (IRS) released a set of proposed regulations under the Section 45Q carbon sequestration tax credit, which expands on the IRS’s recent guidance under Notice 2020-12 and Revenue Procedure 2020-12 released on February 12. As we reported in a previous LawFlash , Notice 2020-12 provided standards for a project to “begin construction” to qualify for the Section 45Q credit.
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IRS: Form 990 Schedule B Donor Disclosure Final Regulations
Effective May 28, 2020, the Internal Revenue Service (IRS) issued final Treasury Regulations addressing donor disclosure requirements on Form 990, Schedule B. There are three essential takeaways for tax-exempt organizations:
In general, Section 501(c)(4) social welfare organizations, Section 506(c)(6) business leagues and other exempt entities that are not Section 501(c)(3)s or 527 political organizations no longer have to include donor identifying information on Form 990, Schedule B.
INSIGHT: Puerto Rico Source Income as an Opportunity to Generate Tax Efficiencies
The desire to reduce pharmaceutical supply chain risk and dependence on China could mean the return to Puerto Rico of many pharmaceutical and manufacturing companies. Jeanelle Alemar-Escabí and Paola Medina-Prieto of JACE, LLC explain how federal and territorial tax incentives could make Puerto Rico a good investment.
In a previous article, "Investment Destination: Puerto Rico, New Tax Incentives to Lure Business and Individual Investment," which was published in 2012, we discussed how Puerto Rico is an unincorporated territory of the U.S. This status establishes a special relationship in which Puerto Rico is subject to U.S. federal laws unless locally inapplicable. Thus, Puerto Rico uses U.S. currency, intellectual property is protected under U.S.
Many 2020 Federal Updates Affecting Payroll Process, Speakers Say
The federal government implemented many significant tax and compensation requirements in 2020 with which payroll departments must ensure compliance, payroll educators said June 2.
These new payroll-related requirements were established by the Families First Coronavirus Response Act (FFCRA); the Coronavirus Aid, Relief, and Economic Security (CARES) Act; and associated regulations, Tatum said during the American Payroll Association's 2020 Annual Congress (Congress Xstream), which is an online event this year because of the coronavirus outbreak.
In case you are keeping track:
Section 45Q Carbon Capture Credits Guidance – Update | Pillsbury Winthrop Shaw Pittman LLP -
Overview
On May 28, 2020, the U.S. Department of Treasury released proposed regulations under IRC Section 45Q. The regulations provide important details regarding certain technical requirements necessary to allow taxpayers to claim the tax credit and provide essential guidance on issues that were previously unaddressed, such as secure geological storage, utilization and recapture of the credit.
The proposed regulations come closely on the heels of guidance from the Internal Revenue Service (IRS) in February addressing the definition of “beginning of construction” and providing a safe harbor for partnership allocations of the credit that closely mirror previously issued guidance for wind and solar projects. Our analysis of this previous guidance can be found here .
CARES Act Update: IRS Issues Guidance for Amending Partnership Tax Returns | Bracewell LLP -
On April 8, 2020, the IRS released Revenue Procedure 2020-23 (the Revenue Procedure), which provides guidance for partnerships subject to the centralized partnership audit regime under the Bipartisan Budget Act of 2015 (the BBA Audit Rules) to claim retroactive benefits under provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) for taxable years beginning in 2018 and 2019.
Background
The BBA Audit Rules, which are effective for audits of partnership taxable years beginning on or after January 1, 2018, generally allow the IRS to adjust items of income, gain, loss, deduction, or credit of a partnership, and assess any resulting underpayment of tax, at the partnership level.
US to investigate nations with digital services tax, including Turkey | Daily Sabah
The United States is investigating digital services taxes being adopted or considered by Britain, Italy, Brazil, Turkey and other countries, the U.S. Trade Representative's office said Tuesday, a move that could lead to new punitive tariffs and heighten trade tensions.
Such taxes are seen by several countries as a way to raise revenue from the local operations of companies including Google, Apple, Facebook, Amazon and Netflix.
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Happening on Twitter
5 years ago today the Truth and Reconciliation releases its final report. I have always thought of it as our duty t… https://t.co/EzQaQbnWnl cblackst (from Ottawa, Canada) Tue Jun 02 22:38:32 +0000 2020
Treasury, IRS announce delivery of 159 million Economic Impact Payments https://t.co/GQoCkZJwzr USTreasury (from Washington, DC, USA) Wed Jun 03 18:36:07 +0000 2020
We cannot allow dark money to continue influencing our elections. That's why I'm proud to be endorsed by… https://t.co/FJnlCN3Nxz CarolynBMaloney (from NYC) Wed May 27 18:31:00 +0000 2020
Instead of paper checks, #IRS is sending 4 million people their Economic Impact Payments as a free, secure prepaid… https://t.co/BoyRwBJoqt IRSnews (from Washington, D.C.) Wed May 27 23:00:55 +0000 2020
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