News & Analysis as of

Enforcement Inflation Reduction Act (IRA)

Foley Hoag LLP - Energy & Climate Counsel

“Knowledge itself is power”: Foley Hoag Tracking President Trump’s Unprecedented Use of Executive Orders

In the first six months of his second term, President Donald Trump has set a new benchmark for the use of executive orders, proclamations and emergency declarations, surpassing all previous presidents since Franklin D....more

Lippes Mathias LLP

Know Your Rights: Managing Exposure During Audits Through Legal Representation

Lippes Mathias LLP on

The 2022 Inflation Reduction Act (the “IRA”) allocated $80 billion in funding to the Internal Revenue Service (“IRS”), much of which was earmarked for increased enforcement efforts. After some starts and stops, that funding...more

Vinson & Elkins LLP

Outlook on the New Administration: EPA’s Environmental Agenda in the Energy Sector

Vinson & Elkins LLP on

During the 2024 campaign, President-elect Donald Trump promised his supporters that he would direct federal agencies on day one to “immediately remove every single burdensome regulation driving up the cost of goods.” For the...more

McDermott Will & Emery

Key Takeaways | IRS & FTB: Ultra High-Net-Worth Targets, Taxes & Tips

McDermott Will & Emery on

This session of the Private Client West Cost Forum 2024 explored the current state of audits and tax controversy and shared practical advice to prepare for challenges ahead of a contest with the IRS or Franchise Tax Board...more

Allen Barron, Inc.

What is the “Abusive Use of Partnerships” and Why does the IRS Care?

Allen Barron, Inc. on

What is now considered as the “abusive use of partnerships,” and why would this matter to the IRS? The agency recently released IR-2024-166, which is intended to provide “new guidance to stop partnerships from using...more

Pillsbury Winthrop Shaw Pittman LLP

Don’t Forget to File (Accurately): 2024 Brings Heightened IRS and DOJ Focus on Non-Filers and Digital Assets

The IRS has increased funding for collection and enforcement, with a stated focus on high income non-filers and digital assets (among other areas). The DOJ has also emphasized a focus on digital assets, and the Department...more

Fox Rothschild LLP

Millionaires, Corporate Jets and Crypto: IRS Unveils New Enforcement Initiatives

Fox Rothschild LLP on

Thanks to a dramatic increase in funding courtesy of the Inflation Reduction Act of 2022, the Internal Revenue Service recently announced several new, high-profile enforcement initiatives designed to generate significantly...more

Akin Gump Strauss Hauer & Feld LLP

WTO Dispute Settlement–What to Expect in 2024

The year 2024 holds the potential for significant developments in the World Trade Organization (WTO) dispute settlement mechanism. With the upcoming 13th Ministerial Conference (MC13) in February, members may reach agreements...more

ArentFox Schiff

Fixing a Hole: IRS to Use AI and IRA Funds to Bolster Tax Enforcement

ArentFox Schiff on

The Inflation Reduction Act (IRA), enacted in August 2022, appropriated billions of dollars in additional funding to the Internal Revenue Service (IRS). The IRS has begun allocating funds, including investing in artificial...more

Holland & Knight LLP

Paquete económico para el ejercicio fiscal 2024 en México

Holland & Knight LLP on

Dr. Rogelio Ramírez de la O, Secretario de Hacienda y Crédito Público de México, el 8 de septiembre de 2023, presentó ante la Cámara de Diputados el Paquete Económico para el 2024 (PE 2024), mismo que no contempla aumentos,...more

ArentFox Schiff

Environmental Justice Update: Differing State and Local Approaches to Federal Civil Rights Actions

ArentFox Schiff on

Addressing environmental justice (EJ) issues has been a primary concern for the Biden Administration. Recent developments — one in Chicago and one in Louisiana — show different ways local and state regulators have reacted to...more

DarrowEverett LLP

The Show Must Go On: Entertainer-Employee Classification Takes Center Stage for Venues

DarrowEverett LLP on

It’s spring 2023, live entertainment is back, and perhaps so is the Internal Revenue Service (“IRS”). The Inflation Reduction Act, signed into law on August 16, 2022, authorizes $80 billion in funding for the IRS over the...more

Levenfeld Pearlstein, LLC

IRS’s Plan Includes Increased Audits for Corporate and High-Income Taxpayers

On April 6, 2023, the Internal Revenue Service released its much-anticipated strategic operating plan. The plan outlines how the agency will use the additional $80 billion in funding from the Inflation Reduction Act. Of...more

Skadden, Arps, Slate, Meagher & Flom LLP

What To Expect From the IRS’ $80 Billion Strategic Operating Plan

In August 2022, the Inflation Reduction Act (IRA) was signed into law, allocating approximately $80 billion to the Internal Revenue Service (IRS) over the next decade to improve the way it serves the public....more

Alston & Bird

IRS Prioritizes Enforcement Against High-Wealth Taxpayers in the Inflation Reduction Act Strategic Operating Plan

Alston & Bird on

The Inflation Reduction Act Strategic Operating Plan, released last week by the Internal Revenue Service, envisions a future of increased audits and penalties for family offices, high-wealth individuals, large partnerships,...more

ArentFox Schiff

ESG Litigation Update: Environmental Justice Claims

ArentFox Schiff on

A new set of environmental policies embraced by the Biden Administration ― environmental justice (EJ) ― may soon spur litigation in the environmental, social, and governance (ESG) space....more

Vinson & Elkins LLP

Environmental Justice 2022 Year-End Review

Vinson & Elkins LLP on

Environmental Justice (“EJ”) continued to prove a major focus of the Biden administration in 2022. With wide-ranging initiatives across several federal agencies, the administration worked to strengthen enforcement, release...more

ArentFox Schiff

Washington’s Focus on the Electric Vehicle Supply Chain in 2023

ArentFox Schiff on

If a picture is worth a thousand words, the “photo-op” of the president test driving Ford’s new electric F-150 in May of 2021 was the burning image that foretold the US policy direction for the electric mobility industry. ...more

ArentFox Schiff

The USMCA – More than A Trade Agreement, A Competitive Strategy: Four Big Questions

ArentFox Schiff on

In July 2020, the US-Mexico-Canada Agreement (USMCA) marked a turning point for North American cross-border trade, creating new rules and opportunities. This has been especially true for participants in the electric vehicle...more

White & Case LLP

Five Drug Pricing Issues to Watch in 2023

White & Case LLP on

Despite a busy 2022, drug pricing remains a hot topic at the federal and state levels, with a number of recent developments and trends worth monitoring heading into 2023. In the past year, the FTC increasingly focused on the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Tax Enforcement: A Spotlight on Complex Partnership Structures

The boost in funding for the Internal Revenue Service (IRS) provided in the Inflation Reduction Act of 2022 (IRA) comes just as it has started rolling out in earnest programs focusing on auditing complex partnership...more

McDermott Will & Emery

Update on IRS Enforcement Efforts

McDermott Will & Emery on

We frequently post about the Internal Revenue Service’s (IRS) tax enforcement trends and announcements. Prior examples from this year include the release of a five-year strategic plan emphasizing enforcement, the plan to hire...more

ArentFox Schiff

Minimizing Risks to Permitting and Compliance Associated with Increased Focus on Environmental Justice

ArentFox Schiff on

Securing environmental permits is often big part of operating a business. How the US Environmental Protection Agency’s (EPA) recent focus on environmental justice (EJ) issues might affect that permitting remains something of...more

Vinson & Elkins LLP

Elevating EJ: How EPA’s New Environmental Justice Office Raises the Stakes for EJ Enforcement and IRA Funding Opportunities

Vinson & Elkins LLP on

The Environmental Protection Agency (“EPA”) has launched a new national office tasked with enforcing EPA-related civil rights laws in disadvantaged communities and overseeing billions of dollars earmarked for environmental...more

Husch Blackwell LLP

The Inflation Reduction Act of 2022: An Overview

Husch Blackwell LLP on

On August 16, 2022, President Joseph Biden signed into law the Inflation Reduction Act of 2022 (IRA). The IRA is substantially a reworking and repackaging of prior legislative efforts—principally the proposed Build Back...more

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