The Treasury Department and IRS on Wednesday issued an eagerly awaited notice of proposed rulemaking to incentivize clean energy facilities: the “clean electricity production credit”—Section 45Y credit—and “clean electricity...more
6/4/2024
/ Clean Energy ,
Energy Storage ,
Greenhouse Gas Emissions ,
Inflation Reduction Act (IRA) ,
Interconnections ,
Internal Revenue Code (IRC) ,
IRS ,
Notice of Proposed Rulemaking (NOPR) ,
Production Tax Credit ,
Proposed Regulation ,
Regulatory Agenda ,
U.S. Treasury
On April 18, the Internal Revenue Service (“IRS”) issued a draft version of Form 1099-DA, a proposed information reporting form regarding certain digital asset sales and exchanges that “digital asset brokers” will need to...more
4/24/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Digital Wallets ,
Internal Revenue Code (IRC) ,
IRS ,
Know Your Customers ,
Reporting Requirements
The Commonwealth of Pennsylvania changed its tax treatment of assistance that employers provide for dependent care services – including dependent care flexible spending accounts. Retroactive to January 1, 2023, Pennsylvania...more
In this episode, we are joined by Special Agent Jonathan Schnatz, Senior Analyst with IRS Criminal Investigation. Special Agent Schnatz will discuss his work with an international law enforcement and tax compliance group, and...more
3/5/2024
/ Criminal Investigations ,
Criminal Liability ,
Criminal Prosecution ,
Income Taxes ,
IRS ,
Tax Evasion ,
Tax Fraud ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
White Collar Crimes
On January 31, 2024, the United States House of Representatives passed the Tax Relief for American Families and Workers Act of 2024 (TRAFW Act), which is now under consideration in the Senate. The TRAFW Act, in addition to...more
The current draft of the Tax Relief for American Families and Workers Act of 2024 includes a proposed provision that would dramatically accelerate the deadline to file claims for the Employee Retention Credit (ERC) to January...more
In a 3-2 decision in Zilka v. Tax Review Board, the Pennsylvania Supreme Court upheld the Commonwealth Court and sided with the City of Philadelphia Department of Revenue in a case addressing whether a City resident was...more
Summary -
The IRS recently released guidance with respect to the new tax credit direct payment and transferability rules created under the Inflation Reduction Act enacted last August. The guidance explains how to register...more
7/3/2023
/ Clean Energy ,
Energy Projects ,
Inflation Reduction Act (IRA) ,
Infrastructure ,
Investment Tax Credits ,
IRS ,
New Guidance ,
New Rules ,
Production Tax Credit ,
Proposed Guidance ,
Real Estate Development
Summary -
The IRS recently advised that many organizations that develop paid name, image, and likeness—known as NIL—opportunities for college student-athletes are not eligible for tax-exempt status under Internal Revenue...more
Summary -
In November 2022, the IRS updated its guidance regarding who can sign Form 2848, Power of Attorney and Declaration of Representative (POA), submitted on behalf of a limited liability company (LLC) treated as a...more
Summary -
The recent 3 – 3 split by the Pennsylvania Supreme Court in GM Berkshire Hills LLC v Berks County Board of Assessment and Wilson School District leaves in place a school district’s ability to target recently sold...more
Background -
The Internal Revenue Service (IRS) introduced Schedules K-2 and K-3 beginning with tax year 2021. Schedule K-2 (Partners’ Distributive Share Items−International) and Schedule K-3 (Partner’s Share of Income,...more
The Ballard Spahr Zoning and Land Use Team continues to monitor all aspects of the Philadelphia land use approval process, including the issuance of zoning and building permits, regulation of construction work, and zoning and...more
On Aug. 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (IRA), which includes various amendments and additions to the Internal Revenue Code of 1986 (the Code). This is the second of two alerts...more
9/28/2022
/ Energy Projects ,
Energy Tax Incentives ,
Inflation Reduction Act (IRA) ,
Investment Tax Credits ,
Popular ,
Production Tax Credit ,
Renewable Energy ,
Renewable Energy Incentives ,
Solar Energy ,
Tax Credits ,
Wind Power
On August 16, 2022, President Biden signed into law the Inflation Reduction Act (IRA). The IRA made a variety of changes to the Internal Revenue Code (Code). This Alert discusses four of the changes: the one percent excise...more
President Biden is expected to sign the CHIPS Act of 2022 (CHIPS Act) into law establishing the “Advanced Manufacturing Tax Credit” (AMTC), a temporary, refundable, non-transferable 25 percent tax credit for investments in...more
Pennsylvania’s budget season just ended and Act 53 of 2022 (Act 53), made many significant changes to the Commonwealth’s business and individual taxes....more
We are introducing a mini-series, “Developing Philly.” The podcast episodes will explore issues that are top-of-mind for developers, owners, and commercial investors throughout the Philadelphia region. We’ll focus on zoning...more
Pending Bills in the New Jersey State Legislature for the 2022-2023 Legislative Session -
The New Jersey Legislature has introduced a number of bills for the upcoming Legislative Session that concern the issuance of zoning...more
UPDATE: OPA Releases Final Abatement Regulations Answering Several Questions -
The Philadelphia Office of Property Assessment (OPA) recently finalized regulations (the Regulations) addressing many issues that we identified...more
To: Ballard Spahr Real Estate Clients and Colleagues
The Ballard Spahr Zoning and Land Use Team continues to monitor all aspects of the Philadelphia land use approval process, including the issuance of zoning and...more
Philadelphia Zoning and Land Use Update -
The Philadelphia Office of Property Assessment (OPA) has issued draft regulations for the implementation of the changes in Philadelphia’s 10-year tax abatement in 2022....more
The Ballard Spahr Zoning and Land Use Team continues to monitor all aspects of the Philadelphia land use approval process, including the issuance of zoning and building permits, regulation of construction work, and zoning and...more
The Ballard Spahr Zoning and Land Use Team continues to monitor all aspects of the Philadelphia land use approval process, including the issuance of zoning and building permits, regulation of construction work, and zoning and...more
The Pennsylvania Commonwealth Court (in Duffield House, L.P. v. City of Philadelphia - available here) unanimously held that the City’s reassessment of only commercial real estate (not residential real estate) in 2018...more