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IRS Clarifies Federal Tax Status of Special Payments Made by 21 States in 2022 (IR-2023-23)
The IRS has provided details clarifying the federal tax status involving special payments made by 21 states in 2022. Taxpayers in many states will not need to report these payments on their 2022 tax...

IRS Changes Definitions for New Clean Vehicle Credit, Updates FAQs (Notice 2023-16; IR-2023-18; FS-2023-4)
The IRS intends to change how it defines vans, sports utility vehicles (SUVs), pickup trucks and “other vehicles” for purposes of the Code Sec. 30D new clean vehicle credit. These changes...

IRS Establishes Low-Income Communities Bonus Credit Program for Energy Investment Credit (IR-2023-26; Notice 2023-17)
The IRS established the program to allocate environmental justice solar and wind capacity limitation (Capacity Limitation) to qualified solar and wind facilities eligible for the Low-Income Comm...

Advanced Energy Project Program Established (IR-2023-27; Notice 2013-18)
The IRS announced a program to allocate $10 billion of credits for qualified investments in eligible qualifying advanced energy projects (the Code Sec. 48C(e) program). At least $4 billion of the...

New Rules and Conditions for Real Estate Developer Alternative Cost Method (Rev. Proc. 2023-9)
The IRS has released new rules and conditions for implementing the real estate developer alternative cost method. This is an optional safe harbor method of accounting for real estate develo...

IRS Allows Taxpayers Electronically Filing Form 1040-X to Choose Direct Deposit (IR-2023-22)
The IRS announced that taxpayers electronically filing their Form 1040-X, Amended U.S Individual Income Tax Return, will for the first time be able to select direct deposit for any resulting r...

Treasury Welcomes Clear Guidance on Pillar Two Global Minimum Tax and Tax Credit Protections
The OECD/G20 Inclusive Framework released a package of technical and administrative guidance that achieves clarity on the global minimum tax on multinational corporations known as Pillar Two. F...

How Do I? Get back start-up expenses in starting a business as quickly as possible
The American Jobs Creation Act of 2004 (2004 Jobs Act) changed the rules for start-up expenses in both favorable and unfavorable ways. Start-up expenditures are amounts that would have been deductible...

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