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On October 2, 2020, the Internal Revenue Service released final regulations providing guidance for Section 529A “qualified ABLE programs” established by states under the Stephen Beck Jr. Achieving a Better Life Experience Act of 2014 (the “ABLE Act”) to provide tax-favored savings and investment accounts for individuals with disabilities.  Building on proposed regulations issued in 2015 and 2019 and several prior IRS notices as to how the final regulations would resolve specific issues under the ABLE Act, the final regulations clearly seek to avoid, within statutory constraints, imposing major administrative burdens on ABLE programs. Nonetheless, several key provisions contain ambiguities or raise concerns.  As indicated by prior IRS guidance, the regulations provide a transition period of at least two years for ABLE programs operating in good faith to implement provisions applicable to such programs, and thus an opportunity for the IRS address such ambiguities and concerns through notices or other guidance prior to their full implementation.
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Energy & Sustainability Viewpoints Thumbnail

Trends in COVID-Era Renewables Tax Credit Proposals

August 21, 2020 | Blog | By Judy Kwok

This article summarizes the most recent pandemic-era proposals for wind, solar, and carbon capture federal tax incentives and attempts to discern potential trends for the future.
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IRS Issues Proposed Regulations on Taxation of Carried Interest Under Section 1061

August 12, 2020 | Alert | By Abraham Reshtick, David Salamon

Read about IRS and Treasury Department proposed regulations addressing the application of Section 1061 of the U.S. Internal Revenue Code of 1986, as amended.
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Energy & Sustainability Viewpoints Thumbnail
In February 2020, the IRS issued Notice 2020-12, which provides long-awaited guidance on when a “qualified facility” or carbon capture equipment, in each case within the meaning of section 45Q, is considered to have “begun construction.” This question is of paramount significance because section 45Q allows a carbon capture credit for carbon oxide that is captured using carbon capture equipment that is originally placed in service at a qualified facility, and a qualified facility means an industrial or direct air capture facility, the construction of which began before January 1, 2024.
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IRS Issues Proposed Regulations on Section 1031 Like-Kind Exchanges

June 22, 2020 | Alert | By Abraham Reshtick, David Salamon

This alert discusses the U.S. Treasury’s proposed regulations on like-kind exchanges under Section 1031 of the Internal Revenue Code, which provide guidance in light of statuary changes under the Tax Cuts and Jobs Act of 2017.
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Energy & Sustainability Viewpoints Thumbnail
In a May 21 letter to Treasury Secretary Steven Mnuchin, three Republican senators—Senator Lisa Murkowski (R-AK), Senator Susan M. Collins (R-ME), and Senator Thom Tillis (R-NC)—have requested that Treasury modify existing Internal Revenue Service (“IRS”) guidance on “start of construction” to provide production tax credit (“PTC”) and investment tax credit (“ITC”) relief to wind and solar projects affected by COVID-19 related disruptions.
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IRS Provides Tax Relief Relating to Travel Disruptions Due to the COVID-19 Pandemic

May 20, 2020 | Advisory | By Abraham Reshtick, David Salamon

This article outlines Treasury Department and IRS tax relief available to individuals and businesses affected by travel disruptions related to the COVID-19 pandemic.
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IRS Issues Guidance for CARES Act Employee Retention Credit

April 3, 2020 | Alert | By Roy Gillig, Judy Kwok

Read about recently issued IRS guidance related to the employee retention credit enacted in the Coronavirus Aid, Relief and Economic Security (“CARES”) Act.
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The CARES Act: A Summary Overview of Federal Tax Changes Affecting Businesses

April 1, 2020 | Alert | By Roy Gillig, Judy Kwok, David Salamon

This alert provides an overview of how the CARES Act, signed on March 27, 2020, eases tax burdens on businesses to increase their short-term liquidity as they deal with impacts of the COVID-19 pandemic.
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IRS Provides Additional Guidance on the Tax Treatment of Cryptocurrency

November 21, 2019 | Alert | By Abraham Reshtick, David Salamon

This alert takes a detailed look at the additional guidance issued by the IRS on October 9, 2019 on the tax treatment of cryptocurrency.
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Land of Tax Opportunity Zones II

May 1, 2019 | Alert | By Abraham Reshtick, David Salamon

This articles outlines the Treasury Department’s second set of proposed regulations, released on April 17, 2019, for the implementation of the Opportunity Zone Program.
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The Opportunity Zone Program Presents Opportunity for Renewable Energy Development

January 17, 2019 | Blog | By Thomas R. Burton, III, Abraham Reshtick

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Public Finance Viewpoints Thumbnail
On December 31, 2018, the Department of Treasury and Internal Revenue Service released long-awaited proposed regulations (the “Proposed Regulations”) that address when modifications to the terms of tax-exempt bonds are treated as an exchange of existing bonds for newly issued (or “reissued”) bonds for purposes of section 103 and sections 141 through 150 of the Internal Revenue Code and when an issuer’s acquisition of its bonds results in such bonds ceasing to be outstanding for federal tax purposes.
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Land of Tax Opportunity Zones

October 31, 2018 | Alert | By Abraham Reshtick, David Salamon

This article outlines the Treasury Department’s initial guidance for implementation of the qualified opportunity zone tax incentive program, designed to encourage investment in low-income communities.
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IRS Expands Remedial Action for Nonqualified Use of Tax-Advantaged Bonds

April 13, 2018 | Blog | By Leonard Weiser-Varon, Christie Martin

The IRS on April 11, 2018 released Revenue Procedure 2018-26 (Rev. Proc. 2018-26), which expands remedial action options in connection with certain post-issuance leases to private parties of facilities financed with tax-exempt bonds.
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Overview of Recent U.S. Tax Reform Part I – Certain Significant Changes Impacting C-Corporations

January 11, 2018 | Alert | By Abraham Reshtick, Roy Gillig, Scott Pinarchick, David Salamon

On December 22, 2017, H.R. 1, the Tax Cuts and Jobs Act (the “Tax Act”) was signed into law. As the first comprehensive U.S. federal income tax reform in over thirty years, the Tax Act includes dramatic changes to tax provisions applicable to businesses and their owners as well as individuals.
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