In light of the approaching April 15 tax filing deadline, this week’s update highlights recent developments in U.S. federal tax policy that may impact crypto firms and crypto holders....more
The Inflation Reduction Act of 2022 introduced the Code Section 45Y production tax credit (CEPTC) for facilities that generate clean electricity with zero greenhouse gas (GHG) emissions and the Code Section 48E investment tax...more
1/22/2025
/ Clean Energy ,
Energy Sector ,
Final Rules ,
Greenhouse Gas Emissions ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Renewable Energy ,
Tax Credits ,
U.S. Treasury
The Inflation Reduction Act of 2022 added the Section 45V production tax credit for the production of clean hydrogen (Section 45V) to the Internal Revenue Code of 1986, as amended. Section 45V provides a credit against...more
1/14/2025
/ Clean Energy ,
Energy Policy ,
Energy Sector ,
Environmental Policies ,
Final Rules ,
Green Energy ,
Greenhouse Gas Emissions ,
Hydrogen Power ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Production Tax Credit ,
Renewable Energy ,
Tax Credits ,
U.S. Treasury
The Inflation Reduction Act of 2022 added the Section 45X Advanced Manufacturing Production Credit (Section 45X) to the Internal Revenue Code of 1986, as amended. Section 45X provides a credit against federal income tax for...more
The Section 30C Alternative Fuel Vehicle Refueling Property Credit (the “Section 30C Credit”) provides a credit against federal income tax for eligible costs of qualified alternative fuel vehicle refueling property. The...more
The Alternative Fuel Vehicle Refueling Property Credit available under Section 30C of the U.S. Internal Revenue Code of 1986, as amended (the “Code” and such credit, the “Section 30C Credit”), was originally enacted by the...more
9/27/2024
/ Alternative Fuels ,
Automotive Industry ,
CDFI Fund ,
Census Bureau ,
Eligibility ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Motor Vehicles ,
NMTC ,
Proposed Regulation ,
Regulatory Agenda ,
Tax Credits ,
Tax Exempt Entities ,
Tax Reform ,
U.S. Treasury
The Inflation Reduction Act of 2022 added Section 6417 to the Internal Revenue Code of 1986, as amended (the “Code”). Under this new section, certain taxpayers may make an elective payment, which will treat certain eligible...more
The Inflation Reduction Act of 2022 brought about modifications to the clean vehicle tax credit available under Section 30D of the U.S. Internal Revenue Code of 1986, as amended (the “Code” and such credit, the “Clean Vehicle...more
The Inflation Reduction Act of 2022 made significant modifications and additions to the energy credit available under Section 48 of the U.S. Internal Revenue Code of 1986, as amended (the “Code” and such credit, the “Section...more
Starting January 1, 2024, if you receive more than $10,000 in digital assets in one transaction (or a series of related transactions), you must now report those transactions to the Internal Revenue Service (“IRS”) and the...more
The Internal Revenue Service and Treasury Department have issued long-awaited Proposed Regulations for parties that will be required to report transactions involving digital assets. These newly identified parties will need to...more
The Internal Revenue Service and Treasury Department have issued long-awaited Proposed Regulations for parties that will be required to report transactions involving digital assets. These newly identified parties will need to...more
9/15/2023
/ Bitcoin Mining ,
Brokers ,
Comment Period ,
Decentralized Autonomous Organization (DAO) ,
Digital Assets ,
Digital Wallets ,
FIFO ,
Internal Revenue Code (IRC) ,
IRS ,
Non-Fungible Tokens (NFTs) ,
Payment Processors ,
Proposed Regulation ,
Regulatory Requirements ,
Reporting Requirements ,
Retailers ,
Software ,
Trading Platforms ,
Transaction Fees ,
U.S. Treasury
The Inflation Reduction Act of 2022 introduced significant changes to the renewable energy tax credit landscape. One of the most notable of these changes, in addition to the broader goals of combating climate change and...more
9/11/2023
/ Apprenticeships ,
Contractors ,
Davis-Bacon Act ,
Department of Labor (DOL) ,
Energy Projects ,
Energy Sector ,
Federal Contractors ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
IRS ,
Prevailing Wages ,
Production Tax Credit ,
Subcontractors ,
Tax Credits ,
U.S. Treasury
The Inflation Reduction Act of 2022 added Section 6417 to the Internal Revenue Code of 1986, as amended (the “Code”). Under this new section, certain taxpayers may elect to receive a direct payment in lieu of certain energy...more
The Inflation Reduction Act of 2022 added Section 6418 to the Internal Revenue Code of 1986, as amended (the “Code”), which allows taxpayers to elect to transfer all or any portion of certain energy tax credits to an...more
The Inflation Reduction Act of 2022 (the “IRA”) added and modified certain renewable energy tax credit provisions of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). The IRA additions included a new domestic...more
The Inflation Reduction Act of 2022 (the “IRA”) added and modified certain energy tax credit provisions of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). The modifications included the extension of the...more
The Inflation Reduction Act of 2022 (the “IRA”) added and modified certain renewable energy tax credit provisions of the U.S. Internal Revenue Code of 1986, as amended (the “Code”).[1] The IRA additions included a new energy...more
4/7/2023
/ Bureau of Labor Statistics ,
CERCLA ,
Clean Energy ,
Department of Energy (DOE) ,
Energy Information Association (EIA) ,
Fossil Fuel ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
International Trade Commission (ITC) ,
IRS ,
NAICS ,
OMB ,
Tax Credits ,
Tax Revenues
The Inflation Reduction Act of 2022 (the “IRA”) added and modified certain renewable energy tax credit provisions of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), including the provisions applicable to the...more
On Friday, December 23, 2022 the Internal Revenue Service provided a late Holiday Gift to payment card processors, third party settlement organizations, and potentially people who sold goods or services in excess of $600 in...more
The Infrastructure Investment and Jobs Act (H.R. 3684), (“Infrastructure Law”) was passed in 2021, and contained two provisions that target the reporting of digital assets....more
The Inflation Reduction Act of 2022 (the “IRA”) added and modified certain tax credit and deduction provisions of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). One significant addition is that taxpayers...more
On October 7, 2022, Treasury issued final and temporary regulations on the income averaging rules for the low-income housing tax credit (“LIHTC”) under Section 42 of the U.S. Internal Revenue Code of 1986, as amended (the...more
10/10/2022
/ Consolidated Appropriations Act (CAA) ,
Final Guidance ,
IRS ,
Land Developers ,
LIHTC ,
Low Income Housing ,
Recordkeeping Requirements ,
Reporting Requirements ,
Set-Asides ,
Tax Credits ,
U.S. Treasury
On August 7, after weeks of negotiations, the Senate voted 51-50 to pass a budget reconciliation package known as the Inflation Reduction Act (the “Bill”), introduced by Senators Joe Manchin (D‑WV) and Chuck Schumer (D‑NY) in...more
8/11/2022
/ Affordable Care Act ,
Alternative Minimum Tax ,
Carbon Capture and Sequestration ,
Clean Energy ,
Corporate Taxes ,
Energy Tax Incentives ,
Excise Tax ,
International Trade Commission (ITC) ,
IRS ,
Manufacturing Facilities ,
Offshore Wind ,
Tax Credits