The Department of the Treasury and Internal Revenue Service (IRS) published proposed regulations (the “Proposed Regulations”) providing further guidance on the prevailing wage and apprenticeship requirements for clean energy...more
On June 14, 2023, the IRS and Treasury issued proposed regulations (the “Proposed Regulations”) under two novel provisions of the Inflation Reduction Act of 2022 (the “IRA”) designed to promote capital investment in renewable...more
The Inflation Reduction Act of 2022 (the “IRA” or the "Act”) introduces several provisions which may well be of interest to battery manufacturers. Most of these are contained in the new “Advanced Manufacturing Production...more
The Inflation Reduction Act of 2022 (the “IRA”) released by U.S. Senate Democrats on July 27, 2022 would, if enacted, provide a number of financial incentives to encourage the purchase of electric and hydrogen fuel cell...more
The Inflation Reduction Act of 2022 (the “IRA”) released by U.S. Senate Democrats on July 27, 2022, would dramatically reshape and expand tax credit incentives for a broad range of renewable energy resources and could...more
Against the backdrop of rapidly evolving blockchain technology, the IRS has oftentimes been slow to update its related tax guidance, leaving participants in the blockchain ecosystem uncertain about their tax obligations....more
The Infrastructure Investment and Jobs Act, enacted on November 15, 2021, also known as the Bipartisan Infrastructure Law (the “BIL”), adds many important provisions regarding the development of the United States’...more
Despite its known value as an alternative energy source, the United States has lacked a comprehensive national policy with respect to hydrogen. The Infrastructure Investment and Jobs Act (the “Bill”), addresses this as it...more
The following is a high-level summary of key components of the “Infrastructure Investment and Jobs Act” that will meaningfully impact the infrastructure / public-private partnership (“P3”), renewable energy and public finance...more
FinCEN recently took another important step toward bringing virtual currency into the financial assets reporting scheme....more
On January 6, 2021, the IRS issued final regulations relating to section 45Q. This is the fourth piece of guidance from the IRS relating to section 45Q, following IRS Notice 2020-12, Revenue Procedure 2020-12, the Proposed...more
1/29/2021
/ Carbon Capture and Sequestration ,
Carbon Emissions ,
Critical Infrastructure Sectors ,
Energy Projects ,
Greenhouse Gas Emissions ,
Internal Revenue Code (IRC) ,
IRS ,
Production Tax Credit ,
Tax Credits ,
Tax Planning ,
Urban Planning & Development
The IRS has been increasingly active in its effort to ensure that virtual currency does not become a tool for tax evasion. This is not surprising, given that—as we started the last month of 2020—the value of Bitcoin, by far...more
Many employers now have employees who have shifted from working in the employer’s office to working remotely from home as a result of the COVID-19 pandemic. ...more
Background. - While the fossil fuel industry continues to enjoy a number of tax incentives, a new generation of tax incentives were enacted in the early 2000s to promote the use of renewable energy. These include the...more
9/23/2020
/ Carbon Capture and Sequestration ,
Carbon Emissions ,
Energy Projects ,
Greenhouse Gas Emissions ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Real Estate Development ,
Renewable Energy ,
Tax Credits ,
Tax Planning
On September 21, the United States Energy Association (“USEA”), on behalf of the Department of Energy Office of Fossil Energy, released a comprehensive report on the current state of carbon capture, utilization, and...more
While the fossil fuel industry continues to enjoy a number of tax incentives, a new generation of tax incentives were enacted in the early 2000s to promote the use of renewable energy. These include the expansion of the...more
On March 27, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act or (the ‘‘CARES Act’’ or the “Act”). The Act contains a wide range of provisions to provide relief from the effects of the new...more
3/30/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Families First Coronavirus Response Act (FFCRA) ,
Family and Medical Leave Act (FMLA) ,
Federal Loans ,
Financial Stimulus ,
Net Operating Losses ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
Sick Pay
The IRS issued guidance in February 2020 for the Section 45Q tax credit program, which is aimed at supporting carbon capture and sequestration. The guidance reflected comments received by the IRS in response to Notice...more
On March 18, 2020, the Families First Coronavirus Response Act (the “Act”) was signed into law. The Act covers a range of emergency relief items, from expanded paid family, medical and sick leave to coverage of COVID-19...more
Opportunity Zone (or “OZ”) investment was hailed in 2018 and 2019 as the hottest and most innovative way of attracting significant private capital to distressed communities in the United States and its territories by offering...more
2/7/2020
/ Capital Gains ,
Community Development ,
Critical Infrastructure Sectors ,
Economic Development ,
Fund Managers ,
Investment Funds ,
Investment Opportunities ,
Investors ,
IRS ,
Low Income Housing ,
Low-Income Issues ,
New Regulations ,
Opportunity Zones ,
Public Finance ,
Real Estate Development ,
Regulatory Requirements ,
State and Local Government ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
Tax Incentives ,
Tax Reform
With the emergence of digital assets, the question has arisen whether digital assets held in “wallets” in foreign exchanges need to be reported on Internal Revenue Service (IRS) Form 8938, Statement of Specified Foreign...more
1/8/2020
/ Bitcoin ,
Commodities ,
Cryptocurrency ,
Currency Exchange ,
Digital Assets ,
Digital Currency ,
Digital Securities ,
Digital Wallets ,
FATCA ,
FBAR ,
Filing Requirements ,
Foreign Assets ,
Foreign Exchanges ,
Foreign Financial Assets ,
Foreign Financial Institutions (FFI) ,
HIRE Act ,
Investment ,
IRS ,
Money Services Business ,
Popular ,
Regulatory Requirements ,
Reporting Requirements ,
Required Forms ,
Rulemaking Process ,
Tax Liability ,
Virtual Currency
The UK tax authority, Her Majesty’s Revenue & Customs (HMRC), has taken a further step towards tackling perceived tax avoidance in transactions involving cryptoassets. Specifically, according to press reports, exchanges such...more
On May 2, 2019, the Internal Revenue Service ( the “IRS”) released Notice 2019-32 (the “Notice”) which requested comments for Carbon Oxide Sequestration Section 45Q of the Internal Revenue Code....more
The unfolding Altera Corporation & Subsidiaries v. Commissioner (Altera) saga bore witness to another taxpayer-unfriendly development on June 7, when the Ninth Circuit chose in a 2-1 vote to uphold certain Treasury...more
6/21/2019
/ Advanced Pricing Agreements ,
Business Entities ,
Corporate Counsel ,
Corporate Taxes ,
Cost-Sharing ,
Income Taxes ,
Intangible Property ,
Internal Revenue Code (IRC) ,
International Tax Issues ,
Multinationals ,
Offshore Companies ,
Section 482 ,
Stock-Based Compensation ,
Tax Court
Section 45Q Tax Credits Internal Revenue Code Section 45Q provides a tax credit for the sequestration or use of qualified carbon oxides (“COx”), including CO2. Although Section 45Q was enacted in 2008, there was uncertainty...more