JD Supra

Treasury Department and IRS Issue Final Regulations Regarding the Clean Electricity Tax Credits Under Sections 45Y and 48E of the Internal Revenue Code

On January 7, 2025, the U.S. Department of Treasury (Treasury) and the Internal Revenue Service (IRS) released final regulations [TD 10024] (Final Regulations) providing guidance on the Clean ...
JD Supra

Income Taxes › Internal Revenue Code (IRC) › New Guidance

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected ...
JD Supra

IRS clarifies emergency expense and domestic violence distributions

The Internal Revenue Service issued guidance in Notice 2024-55 on applying exceptions to the 10% excise tax under Internal Revenue Code (IRC) Section 72(t) for emergency personal expense distributions ...
JD Supra

Income Taxes › Internal Revenue Code (IRC) › Cross-Border Transactions

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected ...
JD Supra

Tax Credit Transfers May Have Unexpected State Tax Consequences

One of the most celebrated features of the Inflation Reduction Act (“IRA”) is the ability to sell tax credits, including the Production Tax Credit (“PTC”) under Internal Revenue Code (“IRC”) § 45 and ...
JD Supra

Private Letter Rulings › Internal Revenue Code (IRC)

The Internal Revenue Service (IRS) recently issued Private Letter Ruling (PLR) 202504006, addressing several important estate and gift tax questions related to the ...
JD Supra

Treasury Department and IRS Issue Final Regulations on the Advanced Manufacturing Production Credit Under Section 45X of the Internal Revenue Code

Under the final regulations, taxpayers are permitted to produce eligible components using recycled materials. Components which are sold and then later become defective will not be considered defective ...