The Department of Treasury and Internal Revenue Service are releasing Notice 2024-08926 in the Federal Register on April 30. This Notice reflects the final guidelines for Section 6418 Transfer of Certain Credits available to renewable energy projects under the Inflation... Read More
The IRS's new Business Aircraft Campaign will focus on airplane usage by large corporations, large partnerships and high-income taxpayers, emphasizing the amount of business versus personal use, income reporting and fringe benefit inclusion. Read More
On Friday, June 14, 2023, the Department of Treasury and the Internal Revenue Service (IRS) published another set of proposed guidelines under the Inflation Reduction Act (IRA22); this time related to the “direct pay” opportunity for certain nonprofit organizations and... Read More
On Friday, May 12, the Department of Treasury and the Internal Revenue Service issued Notice 2023-38 to outline their intended guidelines on the Domestic Content bonus credits under the Inflation Reduction Act (IRA) for taxable years after May 12, 2023.... Read More
Please enjoy this recording of Frazier & Deeter's "Hot Topics in Credits & Incentives" CPE Webinar! Read More
The IRS has released a fact sheet on the new, expanded clean energy credits for homeowners. The FAQs provide details on recent changes to the credits, information on eligible expenditures and examples of how the credit limitations work. The credits,... Read More
Internal Revenue Code Section 174 has long been used by taxpayers to deduct certain expenses related to research and experimentation (R&E) in the current year. The code section was originally enacted in 1954 to eliminate uncertainty in the tax accounting... Read More
The Inflation Reduction Act of 2022 (H.R. 5376, the “IR Act”) contains numerous incentives and support for energy transition efforts in the United States. This includes expanding on the predominately-public funding mechanisms for infrastructure projects set forth in the Bipartisan... Read More
A major tax, climate change and healthcare bill passed the Senate in a rare Sunday session on August 7 on a strict party line. The Inflation Reduction Act of 2022 won approval on a 51-50 vote, with all Democrats voting... Read More
Calendar year-end private companies and not-for-profit entities reporting under US GAAP are required to adopt Topic 842 (Leases) this year! It may sound as simple as grossing up the balance sheet with a lease liability and a right-of-use asset, but... Read More
