Income Taxes, Inflation Reduction Act (IRA)

IRS Releases 2025 Inflation Adjustments for Sections 45U, 45V and 45Z

Holland & Knight LLP on 7/24/2025

The IRS on July 21, 2025, released Notice 2025-37, announcing the inflation-adjusted credit amounts for calendar year 2025 applicable to tax credits available under Internal Revenue Code Sections 45U, 45V and 45Z, which were...more

The Act: Key Tax Provisions and Analysis

Skadden, Arps, Slate, Meagher & Flom LLP on 7/16/2025

On July 4, 2025, President Donald Trump signed into law the Act (formerly referred to as the One Big Beautiful Bill Act, or OBBBA). The Act includes a suite of tax-related provisions that (1) make permanent many of the...more

The One Big, Beautiful Bill’s Key Provisions

Levenfeld Pearlstein, LLC on 7/10/2025

President Trump signed into law major tax legislation on July 4, 2025. While the bill itself is almost a thousand pages long, below is a bite-size summary of what you need to know about key provisions: Individual Income and...more

Newly Enacted Legislation Makes Significant Tax Changes

Stoel Rives LLP on 7/10/2025

On July 4, 2025, President Trump signed ”An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14” (formerly known as the “One Big Beautiful Bill Act”) (the Act), comprehensive tax reform legislation that...more

One Big Beautiful Bill Act: Key Tax Impacts for Businesses

Vinson & Elkins LLP on 7/9/2025

On July 4, 2025, President Donald J. Trump signed the One Big Beautiful Bill Act (the “OBBBA”) into law. Congress passed the OBBBA through budget reconciliation, a special legislative process that allows Congress to advance...more

Senate Finance Committee Proposes Key Departures From House Provisions for the One Big Beautiful Bill Act - June Insights

Skadden, Arps, Slate, Meagher & Flom LLP on 6/27/2025

On June 16, 2025, the Senate Finance Committee released its version of the tax-related proposals (Senate Bill) for inclusion in the One Big Beautiful Bill Act (OBBBA). In line with the bill the House passed on May 22, 2025...more

The Limited Partner Exclusion From Self-Employment Tax – But Who Is A Limited Partner?

Rivkin Radler LLP on 6/11/2025

An Agency Under Siege - The mission statement of the IRS reminds taxpayers that it is their responsibility to understand and meet their tax obligations, while it is the role of the IRS to “enforce the [tax] law with...more

The One Big Beautiful Bill Act: An Initial Analysis of Key Tax Proposals

Skadden, Arps, Slate, Meagher & Flom LLP on 5/29/2025

On May 22, 2025, the House of Representatives passed the One Big Beautiful Bill Act (OBBBA). Tax-related proposals contained in the OBBBA would extend or make permanent select corporate, international and individual tax...more

House Passes Major Tax Cuts in Budget Bill

Cadwalader, Wickersham & Taft LLP on 5/28/2025

On May 22, 2025, the House passed its FY 2025 budget bill, which includes substantial tax cuts. Following extensive negotiations in the House, legislators included last-minute amendments to the budget bill, which, among other...more

The One Big Beautiful Bill: Extending the TCJA and Curtailing the IRA

Wilson Sonsini Goodrich & Rosati on 5/28/2025

On May 22, 2025, the U.S. House of Representatives approved H.R. 1, also known as the “One Big Beautiful Bill Act” (the House Bill).1 The House Bill will next be considered by the U.S. Senate. The House Bill includes a number...more

Tax Law (and Controversy) Under the Trump Administration

Vinson & Elkins LLP on 3/7/2025

As it releases executive orders with unprecedented speed, the Trump administration has begun executing its vision for the United States and the world. This article addresses some of the tax-related topics likely to be the...more

2025 Budget Resolution Update: Tax Implications

Goodwin on 2/25/2025

On February 13, the House Budget Committee, voting 21-16 along party lines (Republicans in favor and Democrats opposed), passed a 2025 budget resolution. The bill does not expressly reference the Tax Cuts and Jobs Act of 2017...more

US Treasury and IRS Unveil Proposed Regulations for Commercial EV Tax Credit, Sparking Questions on Recapture Provisions

Katten Muchin Rosenman LLP on 1/22/2025

On January 10, the US Treasury Department (Treasury) and the US Internal Revenue Service (IRS) released proposed regulations under Section 45W of the US Internal Revenue Code of 1986, as amended (the Code), which provides a...more

Save on your energy bill and income taxes

Bowditch & Dewey on 1/21/2025

It is possible to reduce both your energy bills and your federal income tax through use of the energy tax credit. If you make energy efficient home improvements after January 1, 2023, you may qualify for a tax credit up to...more

Should We Address the Big Red Elephant in the Room?

Cadwalader, Wickersham & Taft LLP on 11/22/2024

Enacted in August 2022, the Inflation Reduction Act (the “IRA”) expanded energy tax credits by increasing credit amounts across the board and broadening eligibility criteria to include new technologies....more

Clarifying the federal tax classification of wholly owned tribal entities and the mechanics of the Section 6417 election for such...

Eversheds Sutherland (US) LLP on 10/24/2024

On October 7, 2024, the Department of Treasury (Treasury) and the Internal Revenue Service (IRS) issued proposed regulations (Proposed Regulations) clarifying the federal tax classification of certain entities wholly owned by...more

Treasury and IRS Release Proposed Corporate Alternative Minimum Tax Regulations

Cadwalader, Wickersham & Taft LLP on 10/22/2024

On September 13, 2024, in the Federal Register, the Treasury and IRS published proposed regulations implementing the corporate alternative minimum tax (“CAMT”). Its 182 pages (including 62 pages of preamble) describe a...more

FERC Chief Accountant Proposes to Modify Transferability of Income Tax Credits

Troutman Pepper Locke on 9/17/2024

On September 12, 2024, FERC’s Chief Accountant issued a notice of proposed accounting release (“NOPAR”) to modify the transferability of income tax credits (“ITCs”) related to certain energy projects under the Inflation...more

High Income High Wealth Taxpayers Pursued By IRS

Foodman CPAs & Advisors on 6/24/2024

On 5/4/24, the U.S. Department of the Treasury and the IRS outlined the accomplishments achieved in the first year of implementation of the Strategic Operating Plan, a comprehensive roadmap to transform the IRS using...more

Transferability of Energy Credits under the Inflation Reduction Act: What do you need to know?

Mitchell, Williams, Selig, Gates & Woodyard,... on 6/12/2024

Now that final regulations on the transferability of energy tax credits under the Inflation Reduction Act have been issued by the U.S. Department of Treasury (Treasury) and the Internal Revenue Service (IRS), many investors...more

U.S. Treasury Proposes New Regulations on Eligibility Requirements for Clean Energy Tax Credits under the Inflation Reduction Act

McNees Wallace & Nurick LLC on 6/11/2024

The United States Department of the Treasury (Treasury) on June 3, 2024 published proposed regulations on Internal Revenue Code (IRC) Sections 45Y and 48E, which provide for clean energy production and investment tax credits...more

Income Taxes › Inflation Reduction Act (IRA)