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Category: Tax Code, Regulations and Guidance


Tax Code, Regulations and Guidance

Around the Country: Recent Cases in Tax Penalty Abatement

May 24, 2024

Via: JD Supra

Audits can be an incredibly frustrating ordeal. From initial contact with tax authorities to digging up old financial records to possibly increasing tax liability, there are few things to celebrate throughout the process. However, one aspect of an audit that […]


Tax Code, Regulations and Guidance

Energy Tax Credits – Final Regulations on Transferability and Guidance on Domestic Content

May 23, 2024

Via: JD Supra

The Treasury Department and IRS recently issued final regulations on the transfer of certain credits to implement the transferability provisions of the Inflation Reduction Act (IRA), which take effect on July 1, 2024. Moreover, on May 16, 2024, the IRS […]


Tax Code, Regulations and Guidance

A tax vote incoming

May 20, 2024

Via: POLITICO

The House now is scheduled to vote on Tuesday on a measure that would give tax relief to disaster victims. If that seems quick — well, it was. Rep. Greg Steube (R-Fla.) just announced on Thursday that his discharge petition […]


Tax Code, Regulations and Guidance

Maryland Governor Signs New Law Restricting Non-Competes for Healthcare and Veterinary Professionals: 5 Key Takeaways For Employers

May 16, 2024

Via: JD Supra

A new Maryland law will significantly restrict employers from using non-competition agreements for many healthcare and veterinary professionals. Gov. Wes Moore signed the legislation into law on April 25 – just two days after the federal government announced a ban […]


Tax Code, Regulations and Guidance

Governor Seeks $7.9 Million To Implement Venture Capital Company Reporting Law That He Branded As “Problematic”

May 15, 2024

Via: National Law Review

Article 14, Section 12 of the California Constitution requires the Governor to submit a budget to the Legislature by January 10 of each year. The Constitution further required that the budget be accompanied by a budget bill, which the chairperson […]


Tax Code, Regulations and Guidance

Trying to move the tax bill to the runway

May 6, 2024

Via: POLITICO

Senate Finance Chair Ron Wyden (D-Ore.) is set to try to attach the bipartisan tax bill that he helped write to the upcoming FAA reauthorization measure, according to his office. Wyden is expected to officially propose the tax plan, which […]


Tax Code, Regulations and Guidance

HUD’s Federal Flood Risk Management Standard Final Rule to Help Communities Reduce Flood Damage, but Tradeoffs Draw Criticism

May 2, 2024

Via: LexBlog

On April 22, 2024, the Department of Housing and Urban Development (HUD) published its final rule regarding updated flood insurance requirements in certain areas of the country: Floodplain Management and Protection of Wetlands; Minimum Property Standards for Flood Hazard Exposure; […]


Tax Code, Regulations and Guidance

IRS Releases Final Tax Credit Sale Regulations

May 1, 2024

Via: JD Supra

Late last week, the Internal Revenue Service (“IRS”) and Department of the Treasury released final regulations relating to transfers of certain tax credits pursuant to Section 6418 of the Code (the “Code” and, such rules, the “Final Tax Credit Sale […]


Tax Code, Regulations and Guidance

2024 Federal Budget: Selected Tax Measures

April 22, 2024

Via: JD Supra

On April 16, 2024 (Budget Day), the Government of Canada released its 2024 federal budget (Budget 2024). While the biggest headline item in Budget 2024 is a proposal to increase the capital gains inclusion rate from one-half to two-thirds, Budget […]


Tax Code, Regulations and Guidance

European Parliament: Sustainability reporting standards delayed for some companies

April 11, 2024

Via: LexBlog

On 10 April 2024, the European Parliament (EP) issued a press release confirming that MEPs have approved delaying sector specific sustainability reporting standards, as well as general reporting standards for non-EU companies. The press release outlined that: Sector specific standards […]


Tax Code, Regulations and Guidance

10 Common Allegations in IRS Tax Preparer Investigations in 2024

April 9, 2024

Via: National Law Review

The Internal Revenue Service (IRS) has long used investigations targeting tax preparers as a tool for combating fraud and closing the tax gap. By targeting tax preparers, the IRS is able to identify individual taxpayers who may have submitted false […]


Tax Code, Regulations and Guidance

Senate back to the grind on tax bill

April 8, 2024

Via: POLITICO

There was actually something that could be considered a development for the tax bill Friday. Senate Majority Leader Chuck Schumer wrote in a letter to his colleagues that the tax plan negotiated by Senate Finance Chair Ron Wyden (D-Ore.) and […]


Tax Code, Regulations and Guidance

Where’s a tax bill stand among Senate to-dos?

April 1, 2024

Via: POLITICO

Here’s another obstacle to add to the list for the bipartisan tax bill — the Senate’s to-do list. Our colleagues at Inside Congress recently ran down how they expected the Senate to use its expected 15 weeks of floor time […]


Tax Code, Regulations and Guidance

Summary of the Biden Administration’s Fiscal Year 2025 Green Book Tax Proposals

March 27, 2024

Via: LexBlog

On March 11, 2024, the Biden Administration released the Fiscal Year 2025 Budget, and the “General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals,” which is commonly referred to as the “Green Book.” The Green Book summarizes the Administration’s […]


Tax Code, Regulations and Guidance

Claiming Inflation Reduction Act Tax Credits and Deductions on Your 2024 Return? Make Sure You Complied with the Prevailing Wage and Apprenticeship Requirements

March 18, 2024

Via: LexBlog

Tax season is here. As a result, many companies may be seeking to claim the increased tax credits and deductions available under the Inflation Reduction Act (the “IRA”). As we discussed in previous posts you can read here and here, […]


Tax Code, Regulations and Guidance

Live Local Act ‘Glitch Bill’ Highlights Property Tax Exemption Risk

March 7, 2024

Via: National Law Review

On Feb. 28, 2024, the Florida Legislature passed Senate Bill (SB) 328, the Live Local Act “glitch bill,” amending and clarifying 2023’s Live Local Act affordable housing law,1 and the bill is on its way to Gov. DeSantis’ desk for […]


Tax Code, Regulations and Guidance

US Treasury Says IRS is Focused on Tax Evasion Targeting

February 26, 2024

Via: JD Supra

The US Department of the Treasury has recently reinforced the progress on enforcement, specifically how the IRS is focused on tax evasion targeting and the targeting of high-income individuals and entities. The IRS has deployed Artificial Intelligence (AI) and state-of-the-art […]


Tax Code, Regulations and Guidance

What You Need To Know About CISA’s Cybersecurity Guidance for the Water & Wastewater Sector

February 7, 2024

Via: JD Supra

In January, Jen Easterly, director of the Cybersecurity and Infrastructure Security Agency (CISA), along with Chris Wray, director of the Federal Bureau of Investigation (FBI), testified before Congress about the growing threat of Chinese cyberattacks against U.S. critical infrastructure. Director […]


Tax Code, Regulations and Guidance

Florida Joins California in Adopting Ethical Guidelines for Attorney’s Use of Generative AI

February 7, 2024

Via: JD Supra

The Florida State Bar recently adopted an advisory opinion meant to provide attorneys with guidance on how to use generative artificial intelligence (“GenAI”) without running afoul of ethics rules. In doing so, Florida becomes one of the first state bars […]


Tax Code, Regulations and Guidance

UK Government Publishes Response to Consultation on AI Regulation White Paper

February 6, 2024

Via: National Law Review

On February 6, 2024, the UK government published a response to the consultation on its AI Regulation White Paper, which the UK government originally published in March 2023. The White Paper set forth the UK government’s “flexible” approach to regulating […]