Key Takeaways
- The Future is Uncertain
- Another 2025 Limit is Released
- ERC Cases
- Digital Asset Reporting Update
The Future is Uncertain
Companies Say Tax Rate, Bonus Depreciation Top of Mind for 2025 - Lauren Vella, Bloomberg Tax($):
Ben Hussa, vice president for taxes at Air Products & Chemicals Inc., said he would like to see an extension of some of the incentives in the 2017 Republican tax law, the Tax Cuts and Jobs Act, and the 2022 Democrat-passed law, the Inflation Reduction Act.
New Clean Electricity Credits At Risk In 2025 Tax Talks - Kat Lucero, Law360 Tax Authority($):
Throughout his campaign, Trump vowed to extend most of the TCJA 's expiring tax breaks. That commitment is likely to align with another campaign promise to cut funding for the nation's largest federal clean energy initiative, the 2022 Inflation Reduction Act , as policymakers scramble to secure revenue sources for their proposal.
Treasury's Energy Tax Perk Regs On Track Despite Trump Win - Kat Lucero, Law360 Tax Authority($):
Treasury will continue to work to complete the rules after having already poured significant resources into rulemaking stemming from the August 2022 enactment of the Inflation Reduction Act , according to the spokesperson, who requested anonymity.
Opportunity Zone Backers See Trump Win Boosting Extension Odds - Angélica Serrano-Román, Bloomberg Tax($). "Investors and tax practitioners see President-elect Donald Trump’s return to the White House and a Republican-led Congress as an opening to boost the opportunity zone tax incentive that aims to reward investment in underserved communities."
Potential Treasury Pick Praises Trump’s Economic Agenda - Alexander Rifaat, Tax Notes($). "Scott Bessent, a potential candidate for Treasury secretary, touted President-elect Trump’s economic vision as the incoming president ruled out another Wall Street veteran for the post."
ETAAC to Speed Up Drafting of Annual Report Because of Election - Benjamin Valdez, Tax Notes($):
The Electronic Tax Administration Advisory Committee (ETAAC) is “concerned about the funding at the IRS and the ongoing efforts to modernize,” committee Chair Vernon Barnett said during a November 14 public meeting. “We want to make sure that continues to be supported moving forward.”
Another 2025 Limit is Released
Give more, tax-free: Eligible IRA owners can donate up to $105,000 to charity in 2024 - irs.gov:
For those age 73 or older, qualified charitable distributions (QCDs) also count toward the year's required minimum distribution (RMD).
ERC Cases
Appeals Open to Using Mediation for ERC Cases - Lauren Loricchio, Tax Notes($):
ADR programs allow disputes with the IRS to go to mediation rather than through the usual appeals process. Some tax professionals said the fast-track settlement (FTS) program would be helpful but that it isn’t being used enough.
Cos. Tell Court To Make IRS Process Worker Retention Credits - Anna Schott Farrell, Law360 Tax Authority($). "Two companies that help clients obtain pandemic-era employee retention tax credits asked an Arizona federal court to stop the Internal Revenue Service from issuing what they claim are batch denials based on faulty automated systems, saying the agency is required to individually review all claims."
Digital Asset Reporting Update
Crypto Reporting Form Gets Pushback on Tokenized Securities - Mary Katherine Browne, Tax Notes($):
In a November 11 letter to the IRS, the Securities Industry and Financial Markets Association (SIFMA) said that digital assets that represent an interest in a stock or bond shouldn’t be required to be reported on Form 1099-DA, “Digital Asset Proceeds From Broker Transactions.”
What Day is It?
National Recycling Day, recycle responsibly!
We're Here to Help
