The Internal Revenue Service (IRS) recently released proposed regulations concerning the historic rehabilitation tax credit (HTC ), including rules to coordinate the new five-year period over which the credit may be claimed with other special rules for investment credit property. The long-awaited rules provide welcome clarity that will allow the historic preservation community to work more confidently with the HTC.
The federal tax reform legislation passed at the end of 2017made some key amendments to the HTC program. Under the 2017 legislation, the 10 percent rehabilitation tax credit was repealed and the 20 percent HTC was modified. Previously, qualified rehabilitation expenditures (QREs) with respect to any qualified rehabilitated building were taken into account for the taxable year in which such qualified rehabilitated building is placed in service.
Not to change the topic here:
US IRS rejigs carbon capture tax credit regulations, extends renewable credits by one year |
Energy producers shut about 30% of the US Gulf of Mexico's crude oil production and more than 20% of...
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Houston — Recently proposed US Department of the Treasury and Internal Revenue Service regulations to help businesses understand how legislation passed in 2018 could benefit companies claiming carbon capture tax credits came under fire from lawyers as not only "complicated" but also as posing significant risks.
The June 3 webcast, hosted by Norton Rose Fulbright, aimed to show how carbon sequestration transactions could be structured "in light of proposed regulations the IRS issued on May 27 about claiming section 45Q tax credits," and the law firm said the IRS has "disallowed over half the tax credits claimed so far."
COVID-19: IRS Issues Opportunity Zone Deadline Relief
On June 4, 2020, in response to the ongoing COVID-19 pandemic, the IRS issued Notice 2020-39 to provide relief regarding various deadlines applicable to the federal opportunity zone program.
As a general matter, the opportunity zone program allows taxpayers to (i) defer paying tax on capital gains if they invest in a qualified opportunity fund (QOF) within 180 days of recognizing the gain, (ii) reduce the amount of that gain when the tax becomes due, and (iii) avoid tax on gains resulting from the investment in the QOF provided the investment is held for 10 years.
IRS & Treasury Unrelated Business Taxable Income Tax-Exempt Org Guidance
On April 23, 2020, the Treasury Department and the Internal Revenue Service (the "IRS") issued proposed regulations (the "Proposed Regulations") under Section 512(a)(6) of the Internal Revenue Code (the "Code").
In August 2018, the Treasury Department and the IRS issued Notice 2018-67 (the "Notice"), which provided interim guidance on the application of Section 512(a)(6). We previously discussed the Notice in an earlier post . We recently discussed the Proposed Regulations in a post on our Tax Talks blog; however this post is intended to be geared toward our clients in the private funds industry.
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Ohio lawmakers might take another look at coronavirus law change that lets cities collect
TAX VIRUS BRIEFING: Is Meal Delivery Also Delivering on Taxes?
Cities and states start wondering if all those busy food-delivery services are collecting and remitting the taxes they ought to pay. The Paycheck Protection Program is tweaked to make it more user-friendly. Around the globe, nations reach for ways to keep lessening the pain and start stimulating a recovery.
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We've taken down our paywall to give you access to all of our tax and law coronavirus coverage .
Arkansas Economic Development Commission Amends Regulations on Donations to Educational
The Arkansas Economic Development Commission April 1 amended regulations on the Donations or Sales of Equipment to Educational Institutions Tax Credit Program for individual income, corporate income, and trust income tax purposes.
Tax Code & Innocent Spouse Relief - Divorce Legal Blogs Posted by Joseph C. Maya, Esq.
All 3 forms of relief have different requirements and tests to be met, but 4 universal rules apply to all:
Innocent Spouse Relief:
This relief shifts the responsibility for unpaid taxes, together with accrued interest and penalties, to the spouse who improperly reported or omitted items on the subject joint tax return.
Separation of Liability:
This literally divides the understatement of tax, together with accrued interest and penalties, between the spouses, allocating an amount to each for which they are responsible. Separation of liability is unique among the three forms of relief in that it is only available for unpaid liabilities resulting from understatements of tax.
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