Today, the Department of the Treasury and IRS made available for public inspection proposed regulations on the new clean vehicle credit under the Inflation Reduction Act of 2022, as codified in section 30D of the Internal Revenue Code. These proposed regulations will be published in the Federal Register on April 17, 2023, and the due
Continue Reading Much-Anticipated Proposed Regulations on the 30D EV Tax Credit Have Finally Arrived—but Leave a Key Question Unresolved
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Will Treasury Adopt the Same Interpretation of “Foreign Entity of Concern” for both the Section 48D Credit under the CHIPS Act and the Section 30D Credit under the Inflation Reduction Act?
Background
Later this week the Department of the Treasury is expected to release guidance on the Inflation Reduction Act (IRA)’s EV tax credit under section 30D of the Internal Revenue Code. Highly consequential for the guidance and practical availability of the credit will be how Treasury interprets the term “foreign entity of concern.” This is…
Continue Reading Will Treasury Adopt the Same Interpretation of “Foreign Entity of Concern” for both the Section 48D Credit under the CHIPS Act and the Section 30D Credit under the Inflation Reduction Act?
Stakeholders Threaten to Sue the EPA to Require Regulation of Noise Pollution
On March 17, 2023, a law school clinic submitted to the United States Environmental Protection Agency (“EPA”) a sixty-day notice of intent to sue letter, setting forth various entities’ intent to sue the EPA for its alleged failure to perform various non-discretionary duties under the Noise Control Act of 1972 (the “Act”).
The Act has…
Continue Reading Stakeholders Threaten to Sue the EPA to Require Regulation of Noise Pollution
Administration Proposes Increased Childcare Tax Credit for Employers
As we have been discussing in recent blog posts, the Treasury Department released its Fiscal Year 2024 General Explanations of the Administration’s Revenue Proposals, commonly called the “Green Book,” on March 9, 2023. This year’s Green Book includes a proposal that both employers and employees are likely to embrace: an enhanced tax credit…
Continue Reading Administration Proposes Increased Childcare Tax Credit for Employers
The Commission adopts its Temporary Crisis and Transition Framework relaxing State aid rules as a response to the US Inflation Reduction Act
As part of “A Green Deal Industrial Plan for the Net Zero Age” to respond to the US Inflation Reduction Act (IRA) (see our alert), the European Commission (the “Commission”) adopted on 9 March 2023 its Temporary Crisis and Transition Framework for State Aid measures to support the economy following the aggression …
Continue Reading The Commission adopts its Temporary Crisis and Transition Framework relaxing State aid rules as a response to the US Inflation Reduction Act
Treasury Greenbook Includes Proposal to Raise the Additional Medicare Tax Rate for High-Income Taxpayers
On March 9, 2023, the U.S. Department of the Treasury released the Greenbook (formally known as the General Explanations of the Administration’s Revenue Proposals), to explain the revenue proposals included in Administration’s budget. One proposal in the Administration’s budget would increase the additional Medicare tax rate by 1.2 percentage points for high-income taxpayers.
Self-employment earnings…
Continue Reading Treasury Greenbook Includes Proposal to Raise the Additional Medicare Tax Rate for High-Income Taxpayers
Treasury Reiterates Position on “On-Demand” Pay
Last week, the Treasury Department released the “Green Book,” formally known as the General Explanations of the Administration’s Revenue Proposals. For the second year in a row, the Green Book addresses the treatment of “on-demand” pay arrangements also known as “daily pay” or “earned wage access programs.” These arrangements permit employees to access…
Continue Reading Treasury Reiterates Position on “On-Demand” Pay
IRS Repeats Cautions Regarding Aggressive Claims for Employee Retention Credit
On March 7, 2023, the IRS issued a renewed warning to employers considering an Employee Retention Credit (“ERC”) claim. While many businesses with legitimate ERC claims have already made them, a cadre of consulting firms have come forward to, in the words of the IRS, “push[] ineligible people to file” claims.
Continue Reading IRS Repeats Cautions Regarding Aggressive Claims for Employee Retention Credit
Supreme Court Limits Penalties for Nonwillful FBAR Failures in Bittner Decision
On February 28, 2023, the Supreme Court decided Bittner v. United States—a rare Supreme Court foray into Financial Crimes Enforcement Network or FinCEN reporting of foreign bank and financial accounts under the Bank Secrecy Act (“BSA”). The BSA is codified under Title 31 (Money and Finance) of the United States Code rather than Title…
Continue Reading Supreme Court Limits Penalties for Nonwillful FBAR Failures in Bittner Decision
EPA Requires States to Address the Cybersecurity of Public Water Systems
On March 3, 2023, the United States Environmental Protection Agency (“EPA”) published a memorandum requiring states to evaluate the cybersecurity of operational technology used by public water systems (“PWSs”) “when conducting PWS sanitary surveys or through other state programs.” EPA’s memorandum “interprets the regulatory requirements relating to the conduct of sanitary surveys to require that…
Continue Reading EPA Requires States to Address the Cybersecurity of Public Water Systems