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A repository for the most well-read content on JD Supra at any given time, along with occasional roundups of popular content by specific topic. Also stop by for monthly recaps of hot articles for the previous... more +
A repository for the most well-read content on JD Supra at any given time, along with occasional roundups of popular content by specific topic. Also stop by for monthly recaps of hot articles for the previous thirty days. less -
Baker Botts L.L.P.

Clean Energy Tax Credits: New Guidance on Beginning of Construction for Wind and Solar Facilities

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On August 15, 2025, the Internal Revenue Service (the “IRS”) and the Department of the Treasury (“Treasury”) released new guidance on the “beginning of construction” for wind and solar facilities under the clean electricity...more

Husch Blackwell LLP

Treasury Guidance Tightens "Beginning of Construction" Standards for Clean Energy Tax Credits, Eliminating 5% Safe Harbor for Wind...

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On August 15, 2025, the Internal Revenue Service (IRS) issued Notice 2025-42, providing long-awaited guidance on the “beginning of construction” requirements for wind and solar facilities under Sections 45Y and 48E of the...more

Foley & Lardner LLP

Treasury Releases New Beginning of Construction Guidance for Wind and Solar

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Treasury and the IRS today released guidance, Notice 2025-42 (the “Notice”), regarding what constitutes beginning of construction for solar and wind energy projects with respect to the production tax credit under Section 45Y...more

Fox Rothschild LLP

The One Big Beautiful Bill Act Changes Employee Retention Tax Credit Program

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While the One Big Beautiful Bill Act made headlines for tax and spending cuts, it also contains significant changes to the federal government’s treatment of COVID era Employee Retention Tax Credit (ERC) claims — many of which...more

BakerHostetler

Analysis of the 2025 Federal Tax Changes Under the “One Big Beautiful Bill” Legislation

BakerHostetler on

The race to remake portions of the Internal Revenue Code (Code) and to prevent expiration of certain Tax Cuts and Jobs Act (TCJA) provisions reached completion with Legislation signed by President Trump on July 4, 2025....more

Husch Blackwell LLP

Senate Version of One Big Beautiful Bill Act Clarifies Foreign Entity Restrictions on Renewable Energy Tax Credits

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The Senate Finance Committee recently released its own draft of the “One Big Beautiful Bill Act” (the Bill) previously passed by the House as H.R. 1. Both the House and Senate versions of the Bill impose restrictions on...more

Ballard Spahr LLP

IRS Changes Course on Income Tax Impact of Employee Retention Credit

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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

Goodwin

2025 Budget Resolution Update: Tax Implications

Goodwin on

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

Wilson Sonsini Goodrich & Rosati

President Donald J. Trump’s Executive Orders and Actions Regarding Clean Energy and Climate Technologies (January 2025)

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On January 20, 2025, President Donald Trump signed multiple executive orders that signal a distinct shift in U.S. clean energy and climate policy in favor of fossil fuels, nuclear, geothermal, and other technologies. These...more

Holland & Knight LLP

Key Highlights of the Section 48 ITC Final Regulations

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The U.S. Department of the Treasury and IRS on Dec. 12, 2024, issued Final Regulations regarding the investment tax credit (ITC) for Section 48 of the Internal Revenue Code, including the ITC for energy generation, energy...more

Orrick, Herrington & Sutcliffe LLP

Section 48 Energy Investment Tax Credit: Final Regulations Released

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The U.S. Department of the Treasury (Treasury) and Internal Revenue Service (IRS) have released final regulations for the energy investment tax credit (ITC) under Section 48 of the Internal Revenue Code, which was...more

Husch Blackwell LLP

IRS Introduces Second Opportunity for ERC Claimants to Correct Errors

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On August 15, 2024, the Internal Revenue Service (IRS) launched a second Employee Retention Credit (ERC) Voluntary Disclosure Program for employers to correct any mistakes related to their ERC claims. The ERC, introduced by...more

Fox Rothschild LLP

The IRS has started its own Employee Retention Credit Olympics

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Coinciding with the opening day of the Olympic games, the IRS issued IR-2024-198, again stating that it will deny tens of thousands of ERC claims that, according to the IRS at least “show clear signs of being erroneous,”...more

Herbert Smith Freehills Kramer

IRS Prepares for Next Stage of Combating Fraudulent Pandemic-Related Employee Retention Credits (ERCs)

Herbert Smith Freehills Kramer on

On June 20, following a long and detailed review process, the IRS announced its plan to deny tens of thousands of highest-risk Employee Retention Credit (ERC) claims while resuming the processing of only the lowest-risk ERC...more

PilieroMazza PLLC

Employee Retention Credit: Moratorium, Withdrawals, and March 22 Deadline for Voluntary Disclosure Program

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The Employee Retention Credit (ERC)—sometimes called the Employee Retention Tax Credit or ERTC—is a refundable tax credit for certain eligible businesses and tax-exempt organizations that had employees and were affected...more

Allen Barron, Inc.

IRS Tax Refunds are Lower for Tax Year 2023 Thus Far

Allen Barron, Inc. on

Did you know IRS tax refunds are lower for tax year 2023 thus far when compared to the same point a year ago? While the IRS just began accepting tax returns for tax year 2023 on January 29 of this year, there is already one...more

Foster Garvey PC

Unlocking Clean Energy Investments: New Elective Payment Credits for State and Local Governments

Foster Garvey PC on

State and local governments undertaking clean energy projects may be eligible for cash payments equal to the renewable electricity production tax credit or energy investment tax credit that would have been available to a...more

Ballard Spahr LLP

HR 7024: Low-Income Housing Legislation on the Move

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On January 19, 2024, the House Ways and Means Committee approved the bipartisan tax legislation, “The Tax Relief For American Families and Workers Act of 2024”. Two proposed changes to Section 42 of the Internal Revenue Code...more

Saul Ewing LLP

Proposed Changes to the Employee Retention Credit Filing Deadline: H.R. 7024 Would Sunset the ERC on January 31, 2024

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Last week, the House Ways and Means Committee voted to advance the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) to the House floor. As drafted, H.R. 7024 would be funded entirely by limitations on the...more

Ballard Spahr LLP

House Tax Bill Would Greatly Accelerate Employee Retention Credit Filing Deadlines

Ballard Spahr LLP on

The current draft of the Tax Relief for American Families and Workers Act of 2024 includes a proposed provision that would dramatically accelerate the deadline to file claims for the Employee Retention Credit (ERC) to January...more

Stinson LLP

Immediate Deadlines May Loom For Employee Retention Credit Claims

Stinson LLP on

In late 2023, the Internal Revenue Service (IRS) implemented three important initiatives that will impact employers who have filed, or intend to file, Employee Retention Credit (ERC) refund claims. This alert provides a brief...more

Fox Rothschild LLP

Employee Retention Tax Credit: Updates From Congress and the IRS

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There are several new developments in the Internal Revenue Service’s ongoing campaign to combat false and fraudulent Employee Retention Credit (ERC) claims, including an indefinite extension of the agency’s moratorium on...more

Foley Hoag LLP

Treasury and IRS Propose Long-awaited Regulations for the Inflation Reduction Act’s Hydrogen Production Tax Credit (Section 45V)

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On December 22, 2023, the Department of Treasury and Internal Revenue Service (collectively, “IRS”) proposed new regulations for the Inflation Reduction Act’s (“IRA”) Hydrogen Production Tax Credit (“PTC”), otherwise known as...more

Miller & Martin PLLC

IRS Announces Voluntary Disclosure Program for Employee Retention Credit Claims

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The Internal Revenue Service has announced a voluntary disclosure program for employers that may have filed non-qualifying Employee Retention Credit (ERC) claims under the CARES Act for the wages paid during 2020 and 2021....more

Blank Rome LLP

The IRS Announces Employee Retention Tax Credit Voluntary Disclosure Program: Why You May Want to Take a Look

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It’s no secret. Lots of people made poor decisions about their eligibility for the employee retention credit (“ERC”), which was passed by Congress to help businesses weather the pandemic-induced economic downturn. Apart from...more

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