Holland & Knight Observation:While the applicable percentage (40 percent for 2023 and 2024) cannot be modified given its legal underpinnings, the 50 percent value add test is a function of agency guidance. In the NPRM, the Treasury Department and IRS suggest that stricter guidance could ...
Treasury Department and IRS Issue Long-Awaited Inversion GuidanceJonesDay
The IRS said it is poised to reap hundreds of billions of dollars of additional tax revenue by going after overdue and unpaid taxes, far beyond what was previously anticipated, thanks to funding from the Inflation Reduction Act (IRA). The new analysis, released Tuesday by the Treasury Departme...
as the new look-through rule impacts whether a QIE will be treated as “domestically controlled.” Sponsors should ensure they have the necessary information from investors to make this determination. Fund sponsors and investors in
Public comment on the proposed regulations is requested by Oct. 30, 2023, and a public hearing is scheduled for Nov. 21, 2023. Ten months after the release of initial guidance, the U.S. Department of the Treasury and IRS on Aug. 29, 2023, issuedproposed regulationsregarding increas...
On June 14, 2023, the U.S. Internal Revenue Service (IRS) and the Department of the Treasury (Treasury) issued proposed regulations and FAQs regarding the direct payment of tax credits under Section 6417 of the Internal Revenue Code of 1986, as amended (Code)1, and th...
Although Direct File performed well with users, it’s unknown if the program will be available next year. IRS and Treasury Department officials explain to the AP that they need to examine more data to determine if building out the program is practical. ...
Today the U.S. Department of the Treasury and Internal Revenue Service (IRS) released guidance on the Sustainable Aviation Fuel (SAF) Credit established by the Inflation Reduction Act (IRA), part of President Biden’s Investing in America agenda to create good-paying jobs and...
As part of the Biden-Harris Administration’s Investing in America agenda, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) releasedproposed rulesandFAQson key provisions in the Inflation Reduction Act to ensure clean energy jobs are good-paying jobs and that we are...
The Internal Revenue Service (IRS) is the division of the U.S. Treasury Department tasked with enforcing theInternal Revenue Code(IRC), administering federal tax laws, and collecting federal taxes from U.S. individual and corporate taxpayers. The IRS collectsgift,excise,estate, and income taxes,...