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Applications Internal Revenue Service

Foley & Lardner LLP

IRS Releases Final Regulations Under Section 48 of the Code

Foley & Lardner LLP on

The Internal Revenue Service (“IRS”) and Department of the Treasury last week released final regulations (the “Final Regulations”) relating to investment tax credits under Section 48 of the (the “ITC”) of the Internal Revenue...more

Allen Barron, Inc.

A New Wave of U.S. Expatriate Income Tax Refund Applications?...

Allen Barron, Inc. on

Is a new wave of U.S. expatriate income tax refund applications on the table? The answer to this question hangs in the balance as we await an appeal on the question of whether or not specific Foreign Tax Credits can be...more

Akerman LLP

News Flash: The Application Portal for the 2024 Low-Income Communities Bonus Tax Credit Program Is Open!

Akerman LLP on

The application portal for the 2024 Low-Income Communities Bonus Credit Program opened on May 28, with a 30-day initial application window ending at 11:59 pm ET on June 27. All applications during the initial window are...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Low-Income Communities Bonus Credit Applications Opening Date Announced

The U.S. Department of Treasury (Treasury) and the Internal Revenue Service (IRS) announced on May 13, 2024, the opening date for applications for the 2024 program year of the Low-Income Communities Bonus Credit Program...more

Rumberger | Kirk

Protecting Your Business From Widespread ERC Scams

Rumberger | Kirk on

Misinformation and widespread scams have created pitfalls for businesses regarding the employee retention credit - The Employee Retention Credit (ERC) has been one of the most discussed tax topics of 2023. Although...more

Mintz Edge

IRS Issues Notice 2023-44 Clarifying the 48C Program Application Process and Timeline

Mintz Edge on

On May 31, 2023, the Department of Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) released Notice 2023-44 (“Notice”) to provide additional guidance on Section 48C, a revised and expanded allocation-based...more

Bracewell LLP

Treasury Department and IRS Release Additional Guidance for the Advanced Energy Project Credit Allocation Program

Bracewell LLP on

On May 31, 2023, the Treasury Department and the Internal Revenue Service (IRS) released Notice 2023-44 (the Notice). The Notice provides additional guidance for the new program under Section 48C(e) created by the Inflation...more

King & Spalding

IRS Publishes Guidance on Section 48C Advanced Energy Project Tax Credit

King & Spalding on

On May 31, 2023, the IRS released Notice 2023-44 (the “Notice”) providing additional guidance on the advanced energy project tax credit (Section 48C), effectively reintroduced by the Inflation Reduction Act of 2022 (“IRA”). ...more

Bracewell LLP

Treasury Department and IRS Release Guidance on the New Domestic Content Bonus Credit

Bracewell LLP on

The domestic content bonus credit (the DC Bonus), which was introduced by the Inflation Reduction Act of 2022 (the IRA), provides an enhanced tax credit for renewable energy and storage projects constructed with sufficient...more

Verrill

ARPA Premium Subsidy: Long-Awaited Details Finally Arrive

Verrill on

The IRS recently issued Notice 2021-31, which provides much sought-after detail regarding the contours and operation of the temporary premium subsidy for COBRA continuation coverage available through the American Rescue Plan...more

Foley & Lardner LLP

IRS Provides Additional Guidance for CARES Act Retirement Plan Loans and Distributions

Foley & Lardner LLP on

On June 19, 2020, the IRS issued Notice 2020-50 (the “Notice”), which provides additional guidance regarding coronavirus distributions and loans from qualified retirement plans under the Coronavirus Aid, Relief, and Economic...more

Ballard Spahr LLP

IRS Issues Clarification Regarding Taxpayer First Act Disclosure of Information Provision

Ballard Spahr LLP on

The Taxpayer First Act adopted in the summer of 2019 includes the following provision that has an effective date of December 28, 2019...more

Sheppard Mullin Richter & Hampton LLP

IRS Change in Application Requirements for Obtaining Employer Identification Number Could Affect Many International Investors in...

Effective May 13, 2019, the Internal Revenue Service (IRS) changed the requirements for obtaining an employer identification number (EIN}. The IRS no longer permits an entity to be named as the “responsible party” on IRS Form...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

VCP Program to go paperless

I hate paper, I really do especially when I can do thing paperless by going online. The Internal Revenue Service (IRS) will begin accepting applications and payments under its Voluntary Correction Program (VCP) online...more

Franczek P.C.

IRS Updates Determination Letter Procedures Regarding Incomplete Applications

Franczek P.C. on

The IRS recently issued new guidance on how it will process determination letters starting February 1, 2015. Specifically, once the IRS receives a determination letter application, it will review that application to determine...more

Foley Hoag LLP

IRS Releases Streamlined Application for Tax-Exempt Status

Foley Hoag LLP on

The Internal Revenue Service (the “IRS”) has significantly streamlined the application process for small nonprofits seeking recognition as tax-exempt 501(c)(3) organizations through the release of a new application form on...more

BakerHostetler

The Waiting Game: What to Do (and Not Do) While an Exemption Application is Pending

BakerHostetler on

So, you have thoughtfully and thoroughly prepared the Form 1023 Application for Recognition of Exemption Under Section 501(c)(3) (“Form 1023” or “application”) on behalf of a charity, and filed it with the IRS along with a...more

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