News & Analysis as of

Tax Credits Internal Revenue Service

Practical Issues Facing Nonprofits Structuring New Market Tax Credit Deals

by Blank Rome LLP on

Since the Great Recession, nonprofits have been receiving less support from budget-constrained governmental agencies and fewer contributions from the private sector. Similarly, many state and other nonprofit universities have...more

FY 2018 Sequestration Reduction Percentage for Direct Pay Tax Credit Bonds Set at 6.6 Percent

by Bracewell LLP on

According to an update released by The IRS Office of Tax Exempt Bonds, the sequester reduction percentage applied to the payments made to issuers of direct pay bonds in fiscal year 2018 will be 6.6 percent. This percentage...more

IRS Rejects Investors' Claim for Refined Coal Credits in Technical Advice

by King & Spalding on

In Technical Advice Memorandum 2017-29-020 (July 21, 2017) (the “TAM”), the IRS denied claims by two tax equity investors (the “Investors” or each an “Investor”) for renewable energy tax credits on grounds that the...more

Captive Insurance Update | Issue No. 1 | 2017 - A summary of state and federal developments in the captive insurance industry

Changes at the Top - Republican Phil Scott was elected Governor of Vermont in November 2016, having previously served as Lieutenant Governor for six years. Governor Scott has re-appointed Michael Pieciak to serve as the...more

IRS Rules (Again) That Taxpayers Are Not Entitled to Claimed Refined Coal Credits

by McDermott Will & Emery on

In a highly-anticipated Technical Advice Memorandum (TAM) dated March 23, 2017 and released on July 21, 2017, the Internal Revenue Service (IRS) ruled that two taxpayers who had invested in a Limited Liability Company that...more

Request for IRS Guidance on LIHTC Issues

by Ballard Spahr LLP on

Last week at the annual meeting of the American Bar Association Forum on Affordable Housing and Community Development (Forum), Michael Novey, Associate Tax Legislative Counsel, Office of Tax Policy, U.S. Department of the...more

The Joint Tax Return

by Moskowitz LLP on

IRS data indicates that over 95% of married couples file jointly – and for most, but not all, couples this makes good economic sense. In this two-part series, we will discuss the advantages and disadvantages of filing joint...more

IRS Releases 2017 PTC Amounts

by Foley & Lardner LLP on

The IRS just published its annual notice that provides the inflation adjustment factors and reference prices used in determining the amount of the section 45 production tax credit (PTC) for the production of renewable energy...more

Tax Reform – Proposed Legislation Protecting Affordable Housing

by Ballard Spahr LLP on

After legislation to repeal the Affordable Care Act was pulled from the House floor last Friday, news headlines across the country began reporting that tax reform is next on the Trump Administration’s agenda. As noted in our...more

March 2017: Client Alert

by Moskowitz LLP on

2016 Proof of Health Insurance: the Form 1095 Wrinkle - Under the current Affordable Care Act (ACA), all Americans must have health insurance. If you receive your health insurance through the ACA marketplace or from...more

IRS Issues Welcome Guidance on “Continuity Safe Harbor” for Wind Energy Projects

by Latham & Watkins LLP on

New rules provide wind developers with additional time to satisfy a critical safe harbor. On December 15, 2016, the Internal Revenue Service (IRS) issued Notice 2017-4, which modifies the “continuity safe harbor” as set...more

IRS Updates Conservation Easement Audit Techniques Guide

On November 4, 2016, the IRS updated its Conservation Easement Audit Techniques Guide (CE Audit Guide) for the first time since March 15, 2012. According to the IRS’s introduction on its Audit Techniques Guide website,...more

IRS Revokes Favorable PLR Concerning Ability of Tribe to Pass ITCs to Lessee in Master-Tenant Structure

by Foley & Lardner LLP on

In recently released Private Letter Ruling 2016-40-010 (the new ruling), the IRS prospectively revoked PLR 2013-10-001 (the original ruling), concluding that a Native American tribe may not elect to pass investment tax...more

IRS Issues Guidance on Section 50(d) Income Inclusion Rules

by Blank Rome LLP on

Action Item: The recently issued temporary Treasury Regulation § 1.150-1T contains guidance that is significant to businesses and individuals alike. Transactions involving master lease pass-throughs may require special...more

Back to School: Recent Cases Offer Lessons in International Tax “Basics”

by Alston & Bird on

In Liv. Commissioner (T.C. Summ. 2016-49), the taxpayer, appearing pro se, claimed he was entitled to education credits under Section 25A. The Tax Court disagreed, finding that the taxpayer’s U.S. residency start date made...more

Manatt on Health Reform: Weekly Highlights - September 2016

The national uninsurance rate hits a record low; Georgia’s Chamber of Commerce outlines three Medicaid expansion proposals; and California legislation targets surprise medical bills. FEDERAL AND STATE MARKETPLACE...more

UPDATE: List of Georgia Hospitals Eligible for Contributions Nears Completion

by Arnall Golden Gregory LLP on

On April 24, 2016, Georgia Governor Nathan Deal signed into law S.B. 258, a bill permitting individuals and companies to receive state tax credits for contributions to certain rural Georgia hospitals. As AGG previously...more

You Received a Health Insurance Marketplace Notice from HHS – Now What?

by Snell & Wilmer on

Take a deep breath. The HHS Health Insurance Marketplace Notice (the “Notice”) may seem to be a nuisance, but it does not necessarily mean that you will be subject to employer shared responsibility penalties....more

IRS and Treasury Issue Regulations on “50(d) Income” Affecting Tax Credit Deals

by McGuireWoods LLP on

The Internal Revenue Service and Department of Treasury recently issued final and temporary regulations on income inclusion under Section 50(d) of the Internal Revenue Code as it relates to the tax credit industry. The...more

Religious Institutions Update: August 2016

by Holland & Knight LLP on

When was the last time your organization reviewed your insurance policies? Not all policies are equal. Many religious organizations are underinsured. Most should have general liability, property, professional liability,...more

FY 2017 Sequestration Reduction Percentage for Direct Pay Tax Credit Bonds Set at 6.9 Percent

by Bracewell LLP on

According to an update released by The IRS Office of Tax Exempt Bonds (TEB), the sequester reduction percentage applied to the payments made to issuers of direct pay bonds in FY 2017 will be 6.9 percent. This percentage will...more

The Cost of Clarity: IRS Issues Regulations Addressing Proper Treatment of Code Section 50(d) Income

by Williams Mullen on

On July 21, 2016, the IRS issued long-awaited regulations under Section 50 of the Internal Revenue Code (the “Code”) clarifying the manner in which “Section 50(d) Income” is to be recognized in lease pass-through investment...more

Manatt on Health Reform: Weekly Highlights - July 2016 #2

The President voices support for a public option; Vermont selects a Medicaid ACO; and Alabama ends enhanced primary care reimbursements....more

Green Tax Incentive Compendium

by Robinson & Cole LLP on

Federal Tax Incentives for Renewable Energy and Energy Efficiency - A. GENERAL DESCRIPTION. The Federal Internal Revenue Code provides a business income tax credit in the amount of $0.023 (2015) per kilowatt hour of...more

IRS Issues Further Guidance on “Start of Construction” Requirement for Renewable Energy Tax Credits, Including Continuity...

On May 5, 2016, the IRS released Notice 2016-31, which provides additional guidance on the “start of construction” requirements for the production tax credit (PTC) and investment tax credit (ITC) in lieu of the PTC. Notice...more

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