Our View

 

Employee Benefits

2018-12-17 – IRS formalizes and provides relief for section 403(b) “once-in-always-in” part-time rule – immediate action required 

2018-08-18 – Employee Benefit Arrangements Potentially Affected by Revised UBIT Calculations

2017-12-19 – Compensation and Benefits Provisions in the Final Tax Cuts Bill

2017-11-06 – Tax Cut and Run Employee Benefits Change Under the Tax Cuts and Jobs Act

Energy Tax

2021-10-19 – IRS provides additional guidance on cost of removal, salvage and normalization 

2021-07-12 – IRS issues new Section 45Q CCUS ruling

2021-06-30 – IRS extends continuity safe harbor for renewable energy projects

2021-06-01 – FY 2022 Green Book goes big for green energy 

2021-04-30 – IRS releases 2021 section 45 production tax credit amounts

2020-09-04 – IRS issues final regulations on section 468A nuclear decommissioning costs

2020-08-17 – “But wait, there’s more.” – Rev. Proc. 2020-39 provides guidance on the proper treatment of excess deferred taxes, and other normalization issues

2020-06-12 – Spreading like wildfires—The IRS addresses an atypical “government grant” under IRC Sec. 197

2020-06-30 – Ready, Set, Sequester? An updated guide to the Section 45Q Carbon Capture and Sequestration Credit Guidance

2020-05-22 – Federal Circuit affirms decision regarding developer fees in Section 1603 Renewable Energy Cash Grant Program

2020-05-19 – IRS reaffirms stance on public utility property for wind energy facility, but again declines to address I.R.C. Sec. 707(b) issue

2020-03-13 – Normalization ruling covers new ground on supplemental rate proceedings and depreciation-related section 481 adjustments 

2019-12-17 – Congress unveils energy tax extenders

2019-09-24 – Legal Alert: Expensing 2.0 – Treasury and the Internal Revenue Service thoughtfully consider comments on the proposed § 168(k) regulations and provide helpful guidance to regulated public utilities

2019-08-07 – Ready, fire, aim – IRS Chief Counsel Advisory misses the mark in NOL carryforward position that contravenes the TCJA 

2019-06-07 – IRS releases 2019 section 45 production tax credit amounts

2019-05-09 – Legal Alert: IRS requests comments on the normalization requirements relating to excess tax reserves resulting from the Tax Cuts and Jobs Act

2018-12-07 – Proposed 163(j) regulations provide needed guidance to utilities

2018-11-30 – House bill proposes tax credit extensions for renewable energy, biodiesel and alternative fuels and other energy tax provisions

2018-08-10 – Proposed 168(k) Regulations Offer Several Surprises for Utilities and Present Challenges with Uncertainties Left Unaddressed

2018-02-13 –  Energy Tax Extenders Package Passed

2018-01-05 –  Tax Extender Act of 2017 Proposes Changes for Renewables and Nuclear Power, Alternative Fuels and Other Energy Provisions

2017-12-19 –  Final Tax Reform Bill Released – What does it Mean for the Energy Sector?

2017-11-16 – A Comparison of the Energy Tax Changes in the Proposed House and Senate Tax Reform Bills

2017-11-07 – Energy Tax Changes Proposed by House Republicans Tax Reform Bill

General

2020-08-27 – High time: Final and proposed regulations rework high-tax rule for GILTI and subpart F

2020-08-25 – Second time’s the charm? New proposed section 163(j) regulations treat electing CFC groups as a single corporation and eliminate “roll-up” provision

2020-08-11 – Corporate provisions in Final Regulations under Section 163(j)

2020-08-11 – IRS representatives give insight into enforcement, implementation of TCJA, CARES Act, and Section 965

2020-03-31 – The CARES Act — Stimulating tax provisions 

2019-11-19 – Fine tuning the course—Final Regulations enhance symmetry between taxation of actual dividends and section 956 inclusions

2019-10-14 – Treasury and the IRS release guidance regarding the repeal of Section 958(b)(4)

2019-05-30 – Legal Alert: Fine-tuning the course—Final Regulations enhance symmetry between taxation of actual dividends and section 956 inclusions

2018-11-29 – INXS? IRS issues proposed regulations under section 163(j)

2018-11-15 – IRS and Treasury issue proposed regulations on discounting unpaid losses

2018-09-25 – Legal Alert: GILTI by consolidation 

2018-03-06 –  Tax Planning in the Age of Tax Reform

2018-01-30 –  Special treatment for motor vehicle inventory interest under new federal tax law

2018-01-04 – Tax Reform Bill – Changes to Section 529 Qualified Tuition Programs and Section 529A Qualified ABLE Programs

2017-12-27 – Section 162(q) Raises Questions about Deductibility of Employment Settlements

2017-12-27 – SEC Staff Provides Disclosure and Accounting Guidance in Response to Recent Tax Reform Legislation

2017-12-22 – Party Like It’s 1986: Business Impacts of the Bill Formerly Known as the Tax Cuts and Jobs Act

2017-12-19 – Tax Reform Provisions Affecting BDCs and Closed-End Funds

2017-11-28 – Tax Reform Executive Summary – A 2-Pager on the 7 Things You Need to Know

2017-11-16 – Reconciling the Differences, the Senate Tax Cuts and Jobs Act

2017-11-09 – Sometimes Smaller Is Better—How H.R. 1 Offers Small Businesses Welcome Flexibility

2017-11-07 – How a Framework Becomes a Law: House Republicans Release Tax Reform Bill

Insurance Tax

2021-05-25 – Supreme Court puts IRS on notice [2016-66] in CIC Services, LLC —The Anti-Injunction Act has its limits 

2020-07-29 – Insurance rules!!! Provisions of the new proposed net operating loss regulations specifically applicable to insurance companies 

2020-07-16 – Let’s make a deal: New NOL regulations provide M&A relief for consolidated groups seeking to utilize CARES Act NOL carryback provisions

2019-08-08 – IRS issues simplified procedures for insurance companies to change methods of accounting to comply with amended Section 846 

2019-07-15 – Long-awaited passive foreign investment company proposed regulations – focus on insurance

2019-06-24 – IRS and Treasury issue final regulations on discounting unpaid losses

2018-12-21 – BEAT, FATCA and Insurance—proposed regulations clarify the application of the BEAT and the treatment of insurance premiums under FATCA 

2017-11-14 – Tax Cuts and Jobs Bill Update: Major Insurance Industry Changes

2017-11-08 – Tax Cuts and Jobs Bill: Major Insurance Industry Changes

International Tax

2020-08-11 – IRS representatives give insight into enforcement, implementation of TCJA, CARES Act, and Section 965

2019-12-12 – Changing the BEAT—Final regulations answer key questions, proposed regulations give new relief

2019-03-12 – The Last Piece of the Puzzle—the Section 250 Proposed Regulations

2018-12-20 – And the BEAT goes on – proposed regulations clarify the application of the base-erosion and anti-abuse tax

2018-12-20 – The season of giving – proposed regulations ease FATCA reporting burdens

2018-12-03 – Allocation, apportionment and attribution, oh my – Proposed foreign tax credit regulations provide critical guidance 

2018-11-06 – Deemed participation better than no participation? Proposed regulations expand tax-free treatment to section 956 inclusions of certain shareholders

2018-08-20 – In Transition – Proposed Section 965 Regulations Incorporate and Expand on Prior Guidance

2018-07-19 – Ireland after US Tax Reform – What Does it Mean for Business?

2018-4-09 – Transition Tax – enough about how it works; here is what doesn’t work

2017-12-19 – Following the Senate’s Lead – The International Tax Provisions for the Final Bill

2017-11-22 – Worldwide Territoriality: International Tax Proposals Broaden the Base

State and Local Tax

2020-04-22 – Down a rabbit hole: New Jersey regulations provide guidance on GILTI and FDII apportionment

2020-04-03 – TCJA’s NOL limitations rolled back in congressional COVID-19 response

2019-06-21 – New York Legislation excluding 95% of GILTI awaits governor’s signature

2019-01-14 – Legal Alert: New York instructs taxpayers on GILTI apportionment

2018-12-24 – It’s Not the Eggnog – New Jersey Proposes to Specially Allocate GILTI Based on GDP 

2018-12-18 – Consolidated complexities – state corporate income tax implications of I.R.C. § 163(j)

2018-06-12 –  New York Bill Introduced to Exempt GILTI

2018-05-24 –  IRS to Crackdown on SALT Deduction Cap Workarounds

2018-04-02 –  New York State Budget Adopts Substantial Changes in Response to Federal TCJA

2018-03-21 –   Georgia Passes Legislation to Provide Deduction of GILTI from the State Tax Base

2018-02-05 – Will Georgia Conform to Federal Tax Reform?  Annual Legislation Introduced

2017-11-10 –  The State and Local Tax Implications of Federal Tax Reform

Tax Accounting

2021-09-23 – The devil is in the details: Final infrastructure framework announced, fingers crossed for continued R&E deductibility

2021-08-17 – Rev. Proc. 2021-34, IRS guidance for implementing the final Section 451 regulations

2020-12-29 – IRS provides welcome flexibility and clarification in final small business tax accounting regulations

2020-12-22 – IRS fails to realize certain income recognition issues in final section 451 regulations 

2020-08-10 – The newest addition to your summer reading list: Section 163(j) regulations arrive just in time for the dog days of summer

2020-04-20 – Choose your own adventure: IRS releases Rev. Proc. 2020-25 providing taxpayers with options to utilize the CARES Act’s QIP technical correction 

2020-04-16 – IRS releases Rev. Proc. 2020-22 enabling taxpayers to fully utilize changes made by the CARES Act to Section 163(j)

2020-04-03 – Surprise! Section 901(m) final regulations

2020-03-30 – A day late, but not a dollar too short—Congress uses CARES Act to finally provide technical corrections to QIP quagmire 

2019-09-13 – Legal Alert: IRS releases Rev. Proc. 2019-37 enabling taxpayers to file automatic changes to comply with recently released income recognition and advance payment proposed regulations

2019-09-13 – Legal Alert: Timing is everything – Treasury and IRS propose regulations under Section 451(b) 

2019-09-13 – Legal Alert: Long-awaited proposed regulations on Section 451(c) largely adopt Rev. Proc. 2004-34 guidance while providing minimal additional clarification

2019-07-15 – Where there’s smoke there’s fire? IRS simplifies income deferral rules with issuance of final regulations to repeal Treas. Reg. § 1.451-5

2018-12-10 – Miracle on Constitution Avenue—IRS releases anticipated method change guidance regarding new income recognition standards under section 451(b) 

2018-12-05 – IRS and Treasury issue final regulations on negative adjustments under UNICAP 

2018-10-16 – Comments on the Proposed Regulations Under Section 168(k)

2018-08-08 –  The More Things Change the More Things Remain the Same – Temporary Guidance Regarding Bonus Depreciation Rules Under Section 168(k)

2018-08-06 – IRS Appears to Walk Back Disregard of Certain Accounting Method Changes in Proposed Section 965 Regulations – Does it Make a Difference?

2018-05-18 – IRS Releases Automatic Changes in Methods of Accounting List

2018-04-24 – IRS Releases Fact Sheet on Depreciation

2018-04-09 – IRS Releases Notice 2018-26 – retroactively disregarding certain accounting method changes and entity classification elections.

2017-12-20 – The Tax Cuts and Jobs Act, Final Cut: A Methods-Based Review of the Tax Bill

2017-11-28 – The Tax Cuts and Jobs Act, Take Three: A Methods-Based Review of the Senate’s Initial Draft of Tax Reform Legislation

2017-11-13 – The Tax Cuts and Jobs Act, Take Two: A Methods-Based Comparison of the Senate and House’s Tax Reform Plans

2017-11-07 – The Tax Cuts and Jobs Act, Take One: A Methods-Based Overview of the Initial Draft of the House Tax Bill