The Treasury finalized regulations for the Clean Vehicle Credit under I.R.C. Section 30D. These regulations are effective July 5, 2024. The Section 30D credit, up to $7,500, applies to new electric or fuel cell vehicles...more
The following is an overview of guidance regarding the Inflation Reduction Act's (IRA) Low-Income Communities Bonus Credit Allocation Program (LIC Bonus) and the Energy Community Tax Credit Bonus....more
The Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued guidance on June 14, 2023, regarding the Inflation Reduction Act's (IRA) two new clean energy tax credit delivery mechanisms – one on...more
A recent Tax Tribunal decision, Mark E. Bollinger v. State of Alabama Department of Revenue, Inc. 22-390-LP, should be of interest to Alabama employers using remote workers. In this case, Mark Bollinger worked for a large...more
On July 8, 2020, Governor Ivey announced the launch of "Revive Alabama," a new $100 million grant program to assist small businesses in Alabama affected by the ongoing coronavirus pandemic. The grant program is funded from...more
Many franchisors and franchisees operate for tax purposes in pass-through entities (LLCs, S corporations, partnerships, and entities that are disregarded for tax purposes). The owners of pass-through entities pay tax at...more
Despite the ongoing partial government shutdown, the IRS issued four sets of guidance (the Guidance Package) on January 18 related to the new deduction for owners of pass-through entities of up to 20 percent of their...more
The 2017 tax reform bill created a new deduction for owners of pass-through entities (partnerships, LLCs taxed as partnerships, S corporations, and sole proprietorships) of up to 20 percent of their "qualified business...more
On March 6, 2018, Alabama Governor Kay Ivey signed House Bill 137 (the "Act") into law, establishing a tax delinquency amnesty program for 2018. The Amnesty Program will be in effect beginning on July 1, 2018 and ending on...more
While primarily focused on individual and business tax cuts and reform, the final Republican tax cut bill includes several provisions expected to impact health care coverage and expenses. First, the bill effectively repeals...more
12/26/2017
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Trump Administration
The IRS recently announced that it will not automatically reject individual income tax returns on which a taxpayer has failed to indicate whether they maintained qualifying health insurance coverage during the year for the...more
President Donald J. Trump has just been inaugurated as the 45th President of the United States and his proposals regarding tax reform played a key role throughout his entire presidential campaign. Because Republicans retained...more
On September 1, 2016, Standard & Poor's (S&P) upgraded real estate as a stand-alone sector within its Dow Jones Global Industry Classification Standard (GICS). GICS is the de facto classification system for equity securities...more
In this issue:
- Controversial Overtime Rule Comes in For a Landing
- What You Need to Know About Hospitality REITs
- The Legal Implications of Restaurant-Designed House Brand Craft Beers
- FDA Finalizes Revisions...more
In February 2016, Hilton Worldwide announced its plans to spin off the bulk of its hotel real estate into a publicly traded real estate investment trust (REIT) to be owned by its shareholders by the end of the year. The...more
The issue of whether photographers, and specifically commercial photographers, must collect and remit Alabama sales tax on charges for their services and the tangible property associated with those services, has been a topic...more
For many years, retailers subject to Alabama's sales tax have correctly avoided collecting sales taxes for those Alabama cities and counties where the retailer is not located but where the retailer nevertheless makes...more