Category: Tax Code, Regulations and Guidance

August 1, 2023

On July 13, 2023, the Washington State Department of Ecology (Ecology) published proposed amendments to Chapter 173-443 WAC, Hydrofluorocarbons (HFCs). Key provisions of the Proposed Rule include: Establishing maximum global warming potential (GWP) thresholds for HFCs used in new stationary […]

July 31, 2023

On July 20, 2023, U.S. Senators Bob Casey (D-PA) and Brian Schatz (D-HI) introduced the “No Robot Bosses Act.” Other than bringing to mind a catchy title for a dystopic science fiction novel, the bill aims to regulate the use […]

July 24, 2023

TAXES AND GLOBALISM: It’s difficult to overstate just how influential the 2024 elections will be over U.S. tax policy for years to come. Whichever party gains the most power in Congress and the White House will have the biggest say […]

July 21, 2023

On June 1, 2023, in United States v. Liberty Global, Inc.[1], the US District Court for the District of Colorado held that the US Department of Justice (DOJ) can assert and seek judgment for federal income tax deficiencies using a […]

July 20, 2023

Recent discussions surrounding the EU Artificial Intelligence Act have accelerated as the European Parliament took the Act one step closer to becoming effective law. On June 14, 2023, the Parliament voted for negotiations with the Council of the European Union […]

July 17, 2023

As House Republicans are teeing up a tax package for a floor vote (pending some issues over SALT relief that we’ll get to in a bit), proponents of restoring the expanded Child Tax Credit and immediate deductions for research and […]

July 12, 2023

This quarterly update summarizes key legislative and regulatory developments in the second quarter of 2023 related to key technologies and related topics, including Artificial Intelligence (“AI”), the Internet of Things (“IoT”), connected and automated vehicles (“CAVs”), data privacy and cybersecurity, […]

July 7, 2023

This is the twenty-sixth in a series of Covington blogs on implementation of Executive Order 14028, “Improving the Nation’s Cybersecurity,” issued by President Biden on May 12, 2021 (the “Cyber EO”). The first blog summarized the Cyber EO’s key provisions […]

July 5, 2023

Major corporations are woefully unprepared for the wave of tax disclosure requirements about to hit them. In a recent survey by KPMG of 500 top executives at companies with annual revenue of $1 billion or more, only 10 percent said […]

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 […]

June 23, 2023

Texas, famously, does not tax individuals’ income, but it does impose franchise taxes on “taxable entities”, such as limited liability companies. Federal tax law treats them as partnerships unless they elect to be treated otherwise. In Hibernia Energy LLC v. […]

June 19, 2023

For decades, technology and automation have catalysed massive economic growth and driven improvements in working conditions for many. At the same time, they have also been a source of pessimistic forecasts about the destruction of jobs. Still, history shows us […]

June 16, 2023

Last month, Gov. Ron DeSantis (R) of Florida signed a new law that would prohibit people who are not U.S. citizens or permanent residents and whose “domicile” is in China from purchasing certain real property in the state. Generally, the […]

June 15, 2023

On June 5, 2023, the “Decree to promote investment by taxpayers engaged in productive economic activities within the Development Hubs for the Well-being of the Isthmus of Tehuantepec” (Decree) was published in the Mexican government’s Official Gazette of the Federation […]

June 5, 2023

The system of real estate taxation in Pennsylvania is quite complex, resulting in many owners of commercial, industrial, or residential properties paying more than their “fair share” of real estate taxes. With tax appeal deadlines rapidly approaching, now is a […]

June 5, 2023

On May 31, 2023, the Department of the Treasury (the “Treasury”) and the Internal Revenue Service (the “Service”) issued Notice 2023-44 (the “Notice”), providing additional guidance on the program established under section 48C(e)(1) of the Internal Revenue Code of 1986, […]

May 31, 2023

As of May 1, 2023, marijuana had been legalized for medicinal or recreational use, or both, in thirty-eight states. Some 35–55 million Americans report using marijuana two or more times per month. According to published reports, drug tests administered by […]

May 30, 2023

The Food and Drug Administration (FDA) recently conducted two online studies concerning comprehension of direct-to-consumer (DTC) prescription oncology drug advertising. The research suggests that consumers may have difficulty understanding the consequences of various drug study endpoints, resulting in consumers’ overly […]

May 26, 2023

On April 14, 2023, the U.S. Supreme Court issued an opinion that is expected to result in historic changes to the Federal Energy Regulatory Commission’s (FERC) use of in-house administrative law judges (ALJs). In Axon Enterprise, Inc. v. Federal Trade […]

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 […]