Tag: IRS

December 6, 2023

In a decision that will come as potentially bad news to many private equity and hedge funds, on November 28, 2023, the U. S. Tax Court opined in Soroban Capital Partners LP versus Comm’r that limited partners in a limited […]

November 20, 2023

Estate planning is a lot like putting together a puzzle. The client provides you with their box lid showing what they want the ultimate result of their plan to look like. Then, estate planners are tasked to identify and gather […]

November 17, 2023

The Internal Revenue Service recently announced the 2024 cost of living adjustments for the estate and gift tax exclusion amounts. Gift Tax Exclusion Amount The Gift Tax Exclusion Amount is the amount an individual may gift to any number of […]

October 26, 2023

This past summer, the Treasury and Internal Revenue Service (IRS) published proposed Treasury Regulations (88 FR 40528 and 88 FR 40496) under two key provisions of the Inflation Reduction Act of 2022 (IRA) designed to enable taxpayers and tax-exempt entities […]

October 25, 2023

Eyes on Energy Tax Update is a regular publication of the Holland & Knight Renewable and Alternative Energy Tax Team that provides highlights of important developments. The Renewable and Alternative Energy Tax Team also publishes more in-depth publications on certain […]

October 2, 2023

You would be forgiven for missing the development last week amidst all the drama over a government shutdown, but the Senate Finance Committee had a long-awaited hearing last week to take up President Joe Biden’s nominee to be the IRS’s […]

August 22, 2023

Demonstrating that hospital finances and billing practices continue to be of interest to federal lawmakers, on August 7, a group of bipartisan senators sent letters to the Internal Revenue Service (IRS) and the Treasury Inspector General for Tax Administration (TIGTA) […]

August 14, 2023

The future of what tax administration and enforcement will look like in the U.S. may very well hinge on IRS appropriations battles to be fought over the next couple years in Congress. Will the agency manage an overhaul to permanently […]

July 19, 2023

In a recent article by Tax Notes, tax experts expressed their concerns and hopes for the influx of funding granted to the IRS via the Inflation Reduction Act. Gray Reed Partner Joshua Smeltzer was one of the experts interviewed. Board […]

June 28, 2023

On June 14, 2023, the IRS released proposed regulations on the provisions created under the Inflation Reduction Act of 2022 (the “IRA”) that will allow developers to sell energy tax credits. Transferability is expected to supplement (and in some cases […]

May 30, 2023

As discussed in an earlier blog post, the SECURE 2.0 Act of 2022 (the Act) expanded the Employee Plans Compliance Resolution System (EPCRS), a comprehensive IRS program for correcting common qualified retirement plan failures. Plan sponsors have three ways to […]

May 23, 2023

The taxation of non-fungible tokens (NFTs) is still something of a mystery. All we have to go on is the IRS definition of digital assets and Notice 2023-27. The IRS digital asset definition includes NFTs, stating that they are a […]

April 20, 2023

On April 4, the Internal Revenue Service issued Notice 2023-29 (the Notice), which describes certain rules the IRS intends to include in proposed regulations for qualifying for the energy community bonus production tax credit (PTC) rate and investment tax credit […]

April 17, 2023

THE AI TAX SCAMMERS COMETH: When Sergey Shykevich, a threat intelligence manager at the cybersecurity company Check Point Research, prompted ChatGPT to produce an example of a tax scam email containing malware, the AI chatbot spit back a grammatically immaculate […]

April 5, 2023

On April 3, 2023, the US Tax Court issued its opinion in Farhy v. Commissioner, ruling that the Internal Revenue Service (IRS) could neither assess tax penalties under Internal Revenue Code (Code) Section 6038(b) against Alon Farhy nor collect those […]

March 21, 2023

The Internal Revenue Service (IRS) announced on March 16, 2023, that it received a petition requesting that cellulose acetate (degree of substitution (DS) = 1.5-2.0) be added to the list of taxable substances under Section 4672(a) of the Internal Revenue […]

March 14, 2023

Processing payroll in Hawaii requires you to register for an Employee Identification Number (EIN) with the IRS. You’ll need to register with the Hawaii Department of Taxation and Department of Labor & Industrial Relations for withholding and unemployment accounts. While […]

March 1, 2023

The Department of Labor (“DOL”) recently announced (88 Fed. Reg. 9408, Feb. 14, 2023) that it will reopen the public comment period on proposed amendments to DOL’s Voluntary Fiduciary Correction Program (“VFCP”) and its related class exemption, Prohibited Transaction Exemption […]

February 15, 2023

As of February 3, the IRS had issued eight million refunds totaling nearly $15.7 billion, the agency reported. The IRS also received a significantly higher number of returns for this period as compared to last year, with about 18.9 million […]

December 16, 2022

As the Internal Revenue Service (“IRS”) begins issuing guidance for every tax provision of the Inflation Reduction Act (“IRA”), efforts have ramped up by foreign governments and automakers on the strict battery component sourcing requirements under the 30D Clean Vehicle […]