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Category: Tax Code, Regulations and Guidance


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 […]


Tax Code, Regulations and Guidance

The AI Act Just Got One Step Closer to Becoming Law

February 2, 2024

Via: LexBlog

On February 2, 2024, a committee of ambassadors from all countries of the European Union (EU) approved the latest draft of the EU Artificial Intelligence Act (AIA or the Act). Following weeks of speculation that there could be a blocking […]


Tax Code, Regulations and Guidance

Tax Bill Expected to Spur Affordable Housing Development

February 2, 2024

Via: JD Supra

The U.S. House of Representatives overwhelmingly passed legislation this week that is predicted to finance hundreds of thousands of affordable housing units, helping New York City and state housing agencies struggling to meet demand. The $78 billion Tax Relief for […]


Tax Code, Regulations and Guidance

Social Security Payroll Tax: A Comprehensive Guide for Small Businesses

February 1, 2024

Via: Fit Small Business

The Social Security payroll tax is imposed on employers and employees to gain funding for Americans under the Old-Age, Survivors, and Disability Insurance (OASDI) program as mandated by the Federal Insurance Contributions Act (FICA). The rate and payroll cap are […]


Tax Code, Regulations and Guidance

Hemp, You Didn’t Deserve This Mess: 2024 Outlook for Federal and State Regulation

January 31, 2024

Via: National Law Review

The hemp industry wants regulation. Yes, you read that correctly, and stakeholders are coalescing to push for action from the federal government. However, as of late, neither the US Food and Drug Administration (FDA) nor Congress are willing to address […]


Tax Code, Regulations and Guidance

Tax vote this week? Uncertain. Filing season open? Definitely

January 29, 2024

Via: POLITICO

The House returns to Washington today, after a week away — and, no, it’s not clear whether the chamber will vote on the bipartisan tax bill in the coming days. The official House schedule still has the measure that would […]


Tax Code, Regulations and Guidance

Bonus Tax Rate: What It Is, How It’s Calculated & Tips to Lower It

January 25, 2024

Via: Fit Small Business

Similar to salaries, employee bonuses are subject to taxes—specifically, a bonus tax rate, which is typically a flat rate of 22%. This can change depending on the amount of the bonus and the method used to calculate the applicable bonus […]


Tax Code, Regulations and Guidance

Immigration Update: Underlying Challenges at the Southern Border

January 25, 2024

Via: LexBlog

Last week, Proskauer hosted a panel discussion focusing on the recent influx of migrants crossing the U.S. southern border and the urgent need for pro bono legal services. According to The New York Times, this past fiscal year nearly 2.5 […]


Tax Code, Regulations and Guidance

Tax bill passes committee, so now what?

January 22, 2024

Via: POLITICO

Supporters of the bipartisan tax bill needed a statement vote out of the House Ways and Means Committee on Friday to help their cause — and they sure got one. Only three of the committee’s 43 members voted against the […]


Tax Code, Regulations and Guidance

2024 Tax and Estate Planning Opportunities

January 16, 2024

Via: National Law Review

A New Year is upon us, it is an election year, and a rollback of the federal estate, gift, and generation-skipping transfer taxes is scheduled for the not too distant future. State and federal estate and gift taxes are an […]


Tax Code, Regulations and Guidance

New guidance answers questions for retirement plan sponsors

January 16, 2024

Via: JD Supra

In late December 2023, the Internal Revenue Service provided additional guidance in the form of questions and answers (“Q&As”) with respect to certain key qualified retirement plan provisions of the Consolidated Appropriations Act, 2023, known as the SECURE 2.0 Act […]


Tax Code, Regulations and Guidance

USCIS Clarifies Policy Guidance for International Students in F, M Status

January 11, 2024

Via: National Law Review

The U.S. Citizenship and Immigration Services (USCIS) has changed its policy manual to make it easier to find and understand all the regulations regarding nonimmigrant students in F and M status. The new guidance consolidates the existing policies and clarifies […]


Tax Code, Regulations and Guidance

Brazilian IRS Clarifies Taxation of Credits Originated from a Court Decision

January 9, 2024

Via: JD Supra

On December 19, 2023, the Brazilian IRS published COSIT Answer to Advance Tax Ruling Request No. 308/2023 to clarify the Federal Tax Administration’s position regarding the levy of IRPJ, CSLL, PIS and COFINS on credits accrued from a court decision […]


Tax Code, Regulations and Guidance

A new year to talk about a tax bill

January 2, 2024

Via: POLITICO

Let’s be honest — negotiations over a tax bill are essentially in the same spot they were when lawmakers hightailed it out of Washington last month. People working on a potential deal, both in and out of government, are optimistic […]


Tax Code, Regulations and Guidance

US Treasury Department Releases Proposed Section 45V Hydrogen Tax Credit Regulations

December 29, 2023

Via: National Law Review

On 22 December 2023, the US Treasury Department (Treasury) released the highly anticipated Proposed Regulations relating to the Clean Hydrogen Production Credit (hydrogen credit) under the US Internal Revenue Code of 1986, as amended (the Code),1 Section 45V (Proposed Regulations).2 […]