The OBBB made several modifications to the Opportunity Zone program. Established by the Tax Cuts and Jobs Act (the “TCJA”) in 2017, the Opportunity Zone program was intended to encourage investment in businesses located in...more
The One Big Beautiful Bill Act (“OBBB”), which was signed by President Donald Trump on July 4, 2025, revokes or curtails the majority of energy credits and significantly curtails other credits. ...more
7/17/2025
/ Clean Energy ,
Energy Policy ,
Energy Sector ,
Environmental Policies ,
Executive Orders ,
Investment Tax Credits ,
Production Tax Credit ,
Regulatory Reform ,
Renewable Energy ,
Tax Credits ,
Tax Reform ,
Trump Administration
The One Big Beautiful Bill (OBBB) includes some provisions relevant to private schools and donors who support K-12 education. The bill passed on July 3 and is expected to be signed by President Donald Trump by July 4. ...more
7/14/2025
/ 501(c)(3) ,
Charitable Donations ,
Charitable Organizations ,
Donations ,
Educational Institutions ,
Excise Tax ,
Federal Taxes ,
Investment ,
Private Schools ,
Tax Credits ,
Tax Exempt Entities ,
Tax Legislation ,
Universities
The One Big Beautiful Bill (OBBB) introduces updates for employers offering benefit plans, with changes that affect health savings account (HSA) eligibility, dependent care assistance limits, telehealth services, and more....more
Smith v. Commissioner, a pending research credit case in the United States Tax Court, presents an issue of first impression: Is a partner’s self-employment income in a partnership allowable as a qualified research expense...more
Taxpayers had mixed success in two recent research credit cases in the United States Tax Court.
In Smith v. Commissioner, the taxpayer was an architectural firm....more
As previously reported by Miller Canfield, unscrupulous promotors caused many taxpayers to file claims for the Employee Retention Credit even when they did not qualify. As a result, the IRS views claims for this credit with...more
As previously reported by Miller Canfield, in October 2023 the IRS launched a withdrawal program for Employee Retention Credit (ERC) claims for employers who now doubt the validity of their claim. Unfortunately, employers who...more
As described in our October 24 article “IRS Offers Forgiveness for Erroneous Employee Retention Credit Claims” the IRS has increased scrutiny on claims for the Employee Retention Credit (“ERC”). The IRS halted processing...more
The IRS recently issued guidance explaining that OSHA communications regarding COVID-19 precautions alone do not allow employers to qualify for the Employee Retention Credit (“ERC”).
Other than some start-up businesses,...more
The stream of cases challenging disallowance of research tax credits continues in the Tax Court with Phoenix Design Group, Inc. v. Commissioner. The taxpayer in Phoenix Design designs mechanical, electrical, and plumbing...more
The Employee Retention Credit (“ERC”) is a popular COVID-19 tax break that was targeted by some unscrupulous and aggressive tax promoters. These promoters flooded the IRS with ERC claims for many taxpayers who did not qualify...more
If a taxpayer calculates research tax credits using an appropriate statistical sampling method on its tax return, does the taxpayer then make a prima facie case in the Tax Court by introducing evidence of that statistical...more
Key Takeaways -
..The Seventh Circuit torpedoed a taxpayer’s research tax credits for two watercrafts.
..The decision creates confusion about how a taxpayer should document research activities and arguably undermines...more
A Treasury regulation provides that a researcher performing technological research for its customer is not entitled to federal income tax credits for the cost of the research if the researcher does not retain substantial...more
Tax-exempt entities (including non-profits, states, local governments and public schools) that are planning energy-efficient projects, such as solar improvements to existing buildings or improvements to provide for...more
The Inflation Reduction Act of 2022 (the “Act”), which passed both chambers of Congress on Aug. 12, 2022, includes the following tax provisions meant to raise government revenues and subsidize green energy initiatives....more
8/16/2022
/ Alternative Minimum Tax ,
Business Losses ,
Clean Energy ,
Corporate Taxes ,
Energy Tax Incentives ,
Enforcement ,
Excise Tax ,
Foreign-Owned Corporations ,
Investment Tax Credits ,
Pending Legislation ,
Production Tax Credit ,
Renewable Energy ,
Stock Repurchases ,
Tax Credits ,
Tax Rates