News & Analysis as of August 23, 2025

Tax Credits

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

IRS roundup: June 3 – 17, 2025

McDermott Will & Schulte on 6/27/2025

June 16, 2025: Billy Long was sworn in as the 51st IRS Commissioner after having been confirmed by the US Senate on June 12. Long served as a US Representative for Missouri’s 7th congressional district from 2011 to 2023. His...more

IRS Roundup May 2 – May 13, 2025

McDermott Will & Schulte on 5/20/2025

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for May 2, 2025 – May 13, 2025. IRS GUIDANCE - May 2, 2025: The IRS issued Revenue Procedure 2025-20, providing...more

IRS Issues Guidance Simplifying Income Tax Compliance Related to the Employee Retention Credit

Buckingham, Doolittle & Burroughs, LLC on 4/11/2025

The IRS recently released new FAQ guidance providing a simplified procedure for addressing income tax amendments and refund claims related to Employee Retention Credit (ERC) determinations. See IRS FAQs. Taxpayers claiming...more

IRS Changes Course on Income Tax Impact of Employee Retention Credit

Ballard Spahr LLP on 4/9/2025

On March 20, 2025, the IRS updated its guidance to employers that claimed the employee retention credit (ERC). The updated guidance materially differs from prior IRS guidance of how and when employers should report the income...more

Weekly IRS Roundup October 30 – November 3, 2023

McDermott Will & Schulte on 11/7/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 30, 2023 – November 3, 2023. ...more

Weekly IRS Roundup October 16 – October 20, 2023

McDermott Will & Schulte on 10/23/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 16, 2023 – October 20, 2023...more

Weekly IRS Roundup September 11 – September 15, 2023

McDermott Will & Schulte on 9/20/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 11, 2023 – September 15, 2023...more

Money (That’s What I Want): IRA’s Direct Pay Mechanism Benefits Tax-Exempt Entities

ArentFox Schiff on 9/1/2023

The Inflation Reduction Act (IRA), which recently celebrated its one-year anniversary, presents new opportunities for tax-exempt and other organizations to directly benefit from renewable energy tax credits, including...more

US Treasury Issues Proposed Regulations on Section 30D Clean Vehicle Credit

Mayer Brown on 4/7/2023

Electric vehicle and electric battery manufacturers and critical mineral producers will want to take note of a notice of proposed rulemaking (NPRM) on Section 30D of the Internal Revenue Code of 1986, as amended, released by...more

Weekly IRS Roundup January 30 – February 3, 2023

McDermott Will & Schulte on 2/6/2023

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 30, 2023 – February 3, 2023...more

IRS Announces Relief From Penalties On Some 2019 And 2020 Tax Returns

Polsinelli on 8/30/2022

The IRS just announced, in releasing Notice 22-36, that it will be automatically issuing an estimated $1.2 billion in refunds or credits related to failure to file penalties assessed against taxpayers on a broad range of 2019...more

Weekly IRS Roundup April 17 – April 23, 2022

McDermott Will & Schulte on 4/25/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 17, 2022 – April 23, 2022... April 18, 2022: The IRS issued Revenue Ruling 2022-9,...more

Weekly IRS Roundup April 5 – April 9, 2021

McDermott Will & Schulte on 4/13/2021

Presented below is our summary of significant Internal Revenue Serve (IRS) guidance and relevant tax matters for the week of April 5, 2021 – April 9, 2021. Additionally, for continuing updates on the tax impact of COVID-19,...more

Internal Revenue Service Clarifies Tax Rule for Marijuana Industry

Partridge Snow & Hahn LLP on 10/15/2020

The Internal Revenue Service (IRS) issued guidance on Thursday, September 10, 2020, to marijuana businesses. The new guidance does not change existing IRS rules, but briefly explains the rules for reporting income, paying...more

Angel Investor Tax Credit Guidance Issued by Massachusetts Department of Revenue

ArentFox Schiff on 8/3/2020

On July 24, the Massachusetts Department of Revenue (DOR), in collaboration with the Massachusetts Life Sciences Center (MLSC) and the Executive Office of Housing and Economic Development, promulgated Regulation 830 CMR...more

IRS Releases Initial Guidance Regarding Section 45Q Carbon Sequestration Tax Credit

Foley & Lardner LLP on 3/12/2020

On February 20, 2020, the IRS issued its first round of guidance regarding the carbon sequestration tax credit found in Section 45Q (the “Section 45Q Credit”) of the Internal Revenue Code of 1986 (as amended, the “Code”) in...more

IRS Publishes Guidance on the Carbon Capture Tax Credit

Holland & Hart LLP on 3/3/2020

On February 19, 2020, the IRS issued two guidance items concerning the tax credit for carbon oxide sequestration (COS) under section 45Q: Notice 2020-12 and Revenue Procedure 2020-12. The new guidance is very similar to IRS...more

Videocast: Section 45Q Carbon Capture and Sequestration (CCS) credit

Eversheds Sutherland (US) LLP on 2/24/2020

In this Bottom Line videocast, Susan Lafferty and Amish Shah discuss: Section 45Q Carbon Capture and Sequestration credit. Beginning of Construction Guidance—Notice 2020-12. Partnership Allocation Guidance—Revenue Procedure...more

Carbon Capture Tax Credit Gets a Boost From IRS Guidance – A Practical Guide for Investors

Akin Gump Strauss Hauer & Feld LLP on 2/21/2020

The Internal Revenue Service (IRS) has issued the first round of guidance regarding the tax credit for carbon oxide sequestration under Internal Revenue Code Section 45Q. This guidance is divided between two documents:...more

Treasury Department Issues Final Regulations Limiting Charitable Deductions – Potential Impact on Alabama Donors? - SALT Alert:...

Bradley Arant Boult Cummings LLP on 7/15/2019

Now that the dust has settled following the issuance of the final “SALT cap workaround” regulations by the Treasury Department, here’s a summary of those regulations, the IRS guidance issued in connection with the final...more

Weekly IRS Roundup July 1 – 5, 2019

McDermott Will & Schulte on 7/8/2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 1 – 5, 2019. July 2, 2019: The IRS issued a Chief Counsel Notice wherein the Chief...more

Weekly IRS Roundup April 29 – May 3, 2019

McDermott Will & Schulte on 5/6/2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 29 – May 3, 2019. April 29, 2019: The IRS issued a news release urging taxpayers who had...more

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