Key Takeaways
- Energy
- ERC
- Tax Exempts and Terrorist Activities
- Biofuels Credit
- Stuffing Allocations
- In the Courts
- Go for a Ride Day
Energy
Hype For Energy Tax Perks Could Shield Regs from Repeal – Kat Lucero, Law360 ($). “President-elect Donald Trump and Republican lawmakers could turn to an oversight tool called the Congressional Review Act to undermine clean energy tax credit regulations implementing key parts of Democrats' signature climate law, but the strategy may falter due to GOP support for the incentives.”
Biden's Climate Funds Will Withstand Trump, Energy Official Says – Stephen Lee, Bloomberg ($). "The Energy Department’s number two official sought to reassure an international audience at the COP29 conference that the US won’t abandon its climate goals, despite the election of President-elect Donald Trump.”
ERC
IRS Extends Window for Third-Party Payers Withdrawing ERC Claims – Erin Slowey, Bloomberg ($):
The deadline was extended through Dec. 31, the IRS said in a statement Thursday. The program originally closed Nov. 15.
And to help payroll companies and other third-party payers assist more clients with resolving incorrect ERC claims, the IRS announced today the extension of the deadline for third-party payers through Dec. 31, 2024, to use the consolidated claim process. Originally, the third-party option was set to close Nov. 22.
Tax Exempts and Terrorist Activities
House Passes Antiterror Financing Bill as Democrats Warn Trump Could Abuse It – Karoun Demirjian, New York Times:
The bill, which also waives the tax liability for U.S. hostages while they are in captivity, began as a strongly bipartisan venture. In April, the House overwhelmingly passed identical provisions, and in September, the measure earned the unanimous support of the Ways and Means Committee.
Biofuels Credit
Speedy Action on Biofuels Tax Credit Extension Is Looking Dim – Erin Schilling, Bloomberg ($). “The biofuels industry likely won’t get an extension on blenders tax credits that they say would alleviate frustration and delays in the marketplace created by the lack of rules for its replacement credit.”
Stuffing Allocations
Government Eyes Best Path on Partnership Allocation Tactic – Kristen A. Parillo, Tax Notes ($). “Treasury and the IRS are considering several technical issues arising from the use of so-called stuffing allocations in partnership interest redemptions as part of a new guidance project.”
In the Courts
11th Circ. Asked to Rethink $100M Credit for John Hancock – Anna Scott Farrell, Law360 ($). “The Eleventh Circuit should reverse its decision allowing John Hancock Life Insurance Co. to keep $100 million in foreign tax credits that rightfully belong to the company's investors, trustees of a retirement plan said in arguing that the court overlooked a key U.S. Treasury regulation.”
Ga. Attys' Easement Fraud Class Suit Shipped to State Court – Anna Scott Farrell, Law360 ($). “A Georgia federal judge kicked back to state court a proposed class action accusing conservation easement fund organizers of racketeering and defrauding investors, saying the organizers failed to prove that the proposed class had at least 100 investors or that the case hinged on federal law.”
IRS Can’t Assess Foreign Gift Reporting Penalties, Taxpayer Argues – Andrew Velarde, Tax Notes ($). “Another taxpayer is challenging the IRS’s assessment of foreign gift reporting penalties in litigation, arguing that the penalties aren't assessable under the statute and that the agency failed to comply with notice and supervisory approval requirements.”
What Day is it?
Time to hit the open road, its Go for a Ride Day!
We're Here to Help
