The US Treasury Department and the IRS provided practical administrative rules for the carbon capture and sequestration tax credit.
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..The IRS finalized the third set of rules in a series of regulatory guidance intended to propel the growth of the carbon capture and sequestration industry in the US.
..The rules cover topics of great importance to the industry, including how to comply with the secure geological storage and utilization requirements, how to transfer tax credits from the capturing party to the sequestering party, and the scope of potential tax credit recapture in the event of a leak of carbon oxide.
While you're here, how about this:
Biden directs Treasury, IRS to find 8M who haven't claimed stimulus - POLITICO
President Joe Biden delivers remarks on the economy in the State Dining Room of the White House, Friday, Jan. 22, 2021, in Washington. | AP Photo/Evan Vucci
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The Treasury Department and IRS are working to get unclaimed economic relief payments to as many as 8 million households that haven't yet received their due.
The undertaking, announced by the agencies Friday, is part of a broader initiative started by President Joe Biden's executive order mobilizing the full federal government on various parts of Covid-19 relief and will include a web tool to help people find out if they're eligible.
Executive decision: IRS finalizes section 162(m) regulations | Eversheds Sutherland (US) LLP -
The final regulations did not make substantial changes to the proposed regulations, which themselves were similar to the initial guidance on new section 162(m) contained in Notice 2018-68. However, there were some clarifications that will affect some taxpayers; a number of these are shown in the chart below.
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The following provides an overview of section 162(m) and the final regulations. Section 162(m) was amended in significant ways by the Tax Cuts and Jobs Act, effective for tax years beginning after December 31, 2017. The amendments eliminated the exception for performance-based compensation and expanded the group of individuals who are treated as covered employees, among other modifications.
Deduction Disallowance for Fines and Penalties and the Corresponding Reporting Requirements
Last week, the Internal Revenue Service released the long-awaited final regulations governing the deductibility of fines and similar penalties paid to governmental entities (and certain nongovernmental regulatory entities). Lacey Stevenson and Hersh Verma of Norton Rose Fulbright answer the questions posed by the regulations.
Last week, the Internal Revenue Service released the long-awaited final regulations governing the deductibility of fines and similar penalties paid to governmental entities (and certain nongovernmental regulatory entities) under tax code Section 162(f). The regulations also address the corresponding information reporting requirements imposed on governmental entities pursuant to Section 6050X.
Other things to check out:
WEEKEND INSIGHTS: California Residency and Virtual Meetings
This week we look at: proving you're not a California resident, deducting virtual meeting meals, "unclaimed" IRAs, and more. We'll hear from:
The departures of Elon Musk and Larry Ellison from California have garnered much attention. Many more moves have been less visible. Eric Coffill of Eversheds Sutherland analyzes several recent decisions from the Office of Tax Appeals to see what it takes to prove an actual change in residency. Read: The California Office of Tax Appeals Looks at Residency
Treasury Releases Final Regulations on Carbon Capture Credits | Bracewell LLP - JDSupra
Section 45Q, enacted in 2008 and expanded by the Bipartisan Budget Act of 2018, seeks to incentivize the reduction of carbon oxide emissions and the efficient use of carbon oxide, including for purposes of enhanced oil recovery.
Definition of Carbon Capture Equipment
Section 45Q does not define carbon capture equipment. The Proposed Regulations generally provided that carbon capture equipment includes all components of property that are used to capture or process carbon oxide until the carbon oxide is transported for disposal, injection or utilization. They also listed items included in, and excluded from, the definition of carbon capture equipment.
Bloomberg - Are you a robot?
IRS Issues Final Regulations Governing 1031 Exchanges – The "Like Kind" Standard Defined | Cozen
Absent qualification under the like-kind exchange provisions of the Code, the transfer of one property in exchange for another produces the same tax consequences as an outright sale.
At first blush, like-kind real property is easy to define: All real estate in the United States is like-kind property. Code Section 1031 makes no distinction in qualities of real estate. Therefore, a city lot is like-kind to farmland; and improved property is like-kind to a vacant lot. 2 Real estate located outside the United States (i.e.
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