On May 28, 2021, Treasury released the General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals, more commonly referred to as the Green Book. The issuance of the Green Book provides further detail on...more
6/2/2021
/ Biden Administration ,
Carbon Capture and Sequestration ,
Clean Energy ,
Electric Vehicles ,
Energy Projects ,
Energy Sector ,
Energy Tax Incentives ,
Federal Budget ,
Green Book ,
Infrastructure ,
Investment Tax Credits ,
Legislative Agendas ,
Oil & Gas ,
Production Tax Credit ,
Tax Credits ,
Transportation Industry
On May 17, 2021, the Supreme Court held that the Anti-Injunction Act (AIA), section 7421(a) of the Code, does not preclude a pre-enforcement challenge to an IRS notice enforced through civil and criminal penalties. The AIA...more
5/26/2021
/ Administrative Procedure Act ,
Anti-Injunction Act ,
CIC Services LLC v IRS ,
Criminal Liability ,
Criminal Penalties ,
Federal Jurisdiction ,
Internal Revenue Code (IRC) ,
IRS ,
Notice and Comment ,
SCOTUS ,
Subject Matter Jurisdiction ,
Tax Penalties
The Internal Revenue Service (IRS) recently published a notice providing the inflation-adjustment factors and reference prices to be used in the calculation of renewable energy production tax credits under Internal Revenue...more
Congress is moving rapidly towards passing the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Extenders Bill) as part of the Consolidated Appropriations Act, 2021. If enacted, the Extenders Bill would extend certain...more
On September 3, 2020, the Internal Revenue Service (IRS) released long-awaited final regulations (Final Regulations) under section 468A of the Internal Revenue Code of 1986, as amended (Code). The Final Regulations generally...more
On August, 15, 2020, the Internal Revenue Service (IRS) issued PLR 202033002, in which it addressed whether cost of removal (COR) is “protected” by the normalization rules of section 168(i)(9). COR is often embedded in a...more
On August 14, 2020, the Internal Revenue Service (IRS) issued Rev. Proc. 2020-39 to provide guidance on the proper treatment of excess deferred taxes under the normalization provisions of section 168(i)(9) of the Internal...more
On July 28, 2020, Treasury and the IRS released highly anticipated final regulations under section 163(j) and related amended regulations under sections 382 and 383 (Final Regulations). This legal alert focuses on provisions...more
On July 31, 2020, the US Court of Appeals for the DC Circuit issued a per curiam opinion in SFPP L.P. v. Federal Energy Regulatory Commission, et al. The DC Circuit denied the recovery of an income tax allowance by SFPP L.P....more
In the wake of the devastating wildfires that engulfed the State of California in 2019, California enacted legislation, California Assembly Bill 1054, to, amongst other things, authorize the creation of a Wildfire Fund. The...more
On May 27, 2020, the IRS issued Notice 2020-41, which provides much needed COVID-19-related relief from workforce and supply chain issues impacting the renewable energy industry. The Notice provides the following:
..For PTC...more
On May 21, 2020, the Court of Appeals for the Federal Circuit upheld the decision of the Court of Federal Claims in the consolidated cases of California Ridge Energy, LLC v. US and Bishop Hill Energy, LLC v. US. The cases...more
In PLR 202020011, the Internal Revenue Service (IRS) reaffirmed that a wind energy facility owned by a utility affiliate and unrelated investor in a LLC taxable as a partnership was not “public utility property” because the...more
The Internal Revenue Service (IRS) recently published a notice providing the inflation-adjustment factors and reference prices to be used in the calculation of renewable energy production tax credits under Internal Revenue...more
On March 6, 2020, the Internal Revenue Service (IRS) released PLR 202010002, which provided the appropriate normalization treatment of infrastructure surcharges in supplemental rate proceedings as well as the proper...more
On February 12, 2020, the Organisation for Economic Co-operation and Development (OECD) released a report on “Transfer Pricing Guidance on Financial Transactions.” One chapter of the report deals specifically with transfer...more
In a recent private letter ruling (PLR 201949006), the Internal Revenue Service (IRS) addressed the computation of the pro rata portion of accumulated deferred federal income tax reserve (ADFIT, together with the total...more
In CCA 201928014 (July 12, 2019), the IRS Office of Chief Counsel provides its view of the interplay between the net operating loss (NOL) carryover rules set forth in Internal Revenue Code (Code) § 172(b)(2) and the...more
In two recent private letter rulings (PLRs 201930015 and 201930016), the Internal Revenue Service (IRS) clarified the corrective measures a regulated transmission utility must undertake to avoid a normalization violation. In...more
On July 11, 2019, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued comprehensive proposed regulations on passive foreign investment companies (PFICs) that include guidance on the...more
The Internal Revenue Service (IRS) and the Treasury Department (Treasury) have issued final regulations that address amendments to the rules for discounting unpaid losses pursuant to Section 846 under the Tax Cuts and Jobs...more
6/25/2019
/ Corporate Bonds ,
Corporate Taxes ,
Discounts ,
Final Rules ,
Interest Rates ,
Internal Revenue Code (IRC) ,
IRS ,
NAIC ,
Net Operating Losses ,
Tax Cuts and Jobs Act ,
U.S. Treasury
On May 13, 2019, the Internal Revenue Service (IRS) released Notice 2019-31, which provides the 2019 inflation adjusted amounts for the section 45Q carbon oxide sequestration credit. The section 45Q carbon oxide sequestration...more
On April 16, 2019, the Large Business and International (LB&I) Division of the Internal Revenue Service (IRS) announced three new compliance campaigns. The campaigns focus on:
..Transfer pricing for “captive” services...more
4/29/2019
/ Controlled Foreign Corporations ,
Corporate Taxes ,
FATCA ,
Filing Requirements ,
Internal Revenue Code (IRC) ,
IRS ,
Large Business & International Division (LB&I) ,
OECD ,
Offshore Banks ,
OVDP ,
Related Parties ,
Transfer Pricing
On December 13, 2018, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued two sets of proposed regulations of importance to insurance companies. One set was the long-awaited regulations...more
12/21/2018
/ Banks ,
Base Erosion and Anti-Abuse Tax (BEAT) ,
Broker-Dealer ,
Corporate Taxes ,
FATCA ,
Insurance Industry ,
IRS ,
Proposed Regulation ,
Tax Cuts and Jobs Act ,
Tax Rates ,
U.S. Treasury
On December 13, 2018, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued proposed regulations under section 59A of the Internal Revenue Code of 1986, as amended, commonly referred to as...more