There is a renewed effort to impose a wealth tax on Americans. Several bills in Congress would tax and redistribute wealth supposedly to benefit the poor and “ensure the wealthy pay their fair share,” in the words of President Joe Biden. The plans hold strong appeal among some politicians who prefer to ignore basic economic realities.
Recent Treasury regulatory proposals for clean energy vehicle and production tax credits should allow continuation of the investment boom in the related industries while implementing provisions toward conservation goals. The guidance is intended to further President Biden’s Investing in America agenda, support U.S. jobs, and bolster energy production and security while reducing energy costs for American consumers.
If a tax-exempt client needs a professional valuation of an asset, your understanding of how the IRS is going to regard the valuation — and the professional providing it — will be critical in ensuring the benefit of this action.
While the risk of recapture of tax credits in the renewable energy market is a major concern to many investors, it is highly manageable.
A new IRS final rule affecting domestically controlled real estate investment trusts may significantly limit their use and thereby make U.S. real property less attractive for foreign investors.
Emmanuel Sala has joined Baker McKenzie’s North American tax practice as a partner in its Toronto office, the firm said Thursday.
In an internal advice on the tax treatment of a pharmaceutical company’s incurred costs in purchasing from a third party a voucher to get expedited review of a new product, the IRS Chief Counsel’s Office provides insight into the treatment of transferable incentives generally.
There are two types of clients: those who plan ahead and those who don’t. Those who do, usually save first and then spend what’s left over and those who don’t usually spend first and then save what’s left over.
The Supreme Court’s recent denial of certiorari to the petition filed by plaintiffs in Indiana Municipal Power Agency v. United States lets stand the decision from the lower courts allowing many issuers of Direct Pay Build America Bonds to employ extraordinary call provisions that are applicable given a material change in the law governing BAB subsidies.
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