News & Analysis as of

Proposed Regulation New Guidance

McDermott Will & Emery

IRS Roundup May 15 – June 2, 2025

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for May 15, 2025 – June 2, 2025....more

Kaufman & Canoles

ESOPs, Benefits & Compensation Client Alert - January 2025

Kaufman & Canoles on

On January 16, the Department of Labor released long-awaited guidance on how to determine the value of employer stock in purchase and sale transactions involving an ESOP. Unfortunately for those in the ESOP community hoping...more

A&O Shearman

Mansion House: UK Financial Conduct Authority Feedback on Advice Guidance Boundary Review and Next Steps

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The U.K. Financial Conduct Authority has published feedback to its December 2023 advice guidance boundary review. The review included a number of proposals to improve how people can access help with their pensions and retail...more

Miller Canfield

IRS Issues FAQs Regarding Long-Term Part-Time Employees in 403(b) Plans

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The IRS recently issued Notice 2024-73, which provides much-needed guidance on long-term, part-time (“LTPT”) employees in ERISA-governed 403(b) retirement plans. Following passage of the SECURE 2.0 Act, an employee is...more

Jones Day

Taxing Tangle: U.S. IRS Releases Guidance for Clean Hydrogen Production Tax Credit

Jones Day on

The U.S. Internal Revenue Service ("IRS") has released proposed regulations regarding the Clean Hydrogen Production Tax Credit introduced in the Inflation Reduction Act of 2022 ("IRA"). The proposed regulations provide more...more

White & Case LLP

What’s New - Inflation Reduction Act Final PWA Regulations Published

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On June 18, 2024, the Internal Revenue Service (IRS) published its Final Regulations on the Inflation Reduction Act Prevailing Wage requirements ("Final Regulations"). While the Final Regulations generally adhere to the prior...more

Holland & Knight LLP

IRS Proposes to Classify Basket Contracts as a Tax Avoidance Scheme

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The U.S. Department of the Treasury and IRS on July 11, 2024, issued proposed regulations that would classify certain basket contract transactions as listed transactions. Taxpayers and material advisers participating in...more

DarrowEverett LLP

IRS Targeting Partnership Basis-Shifting Transaction Schemes

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The Internal Revenue Service (“IRS,” or the “Service”) issued guidance on June 17, proposing new regulations and releasing a revenue ruling to challenge the use of basis-shifting transactions by complex partnerships. In...more

Holland & Knight LLP

IRS Cracking Down on "Basis-Shifting" in Related-Party Partnership Transactions

Holland & Knight LLP on

The U.S. Department of the Treasury and IRS recently issued guidance aimed at curtailing purportedly abusive basis-shifting transactions utilized by businesses taxed as partnerships. This guidance represents additional...more

Proskauer - Tax Talks

Treasury and IRS Announce New Attack on Partnership Basis-Shifting Structures and Establishment of “Passthrough Working Group” to...

Proskauer - Tax Talks on

On June 17, 2024, the IRS announced the formation of a dedicated group in the Office of Chief Counsel specifically focused on developing guidance on partnerships, which is expected to work with a new “passthrough working...more

Troutman Pepper Locke

Treasury and IRS Release Updated Guidance on Energy Communities

Troutman Pepper Locke on

On June 7, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued Notice 2024-48. This notice includes lists of information that taxpayers may use to determine whether they meet certain requirements...more

Jones Day

New Guidance from the Treasury Department on 1% Corporate Stock Buyback Tax

Jones Day on

On April 9, 2024, the U.S. Treasury Department ("Treasury") issued proposed regulations and reporting requirements providing further guidance on the non-deductible 1% excise tax that was enacted on August 16, 2022 (as Section...more

Williams Mullen

UPDATE: Virginia Department of Environmental Quality Releases Virginia Stormwater Management Handbook

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On March 18, 2024, we issued an alert addressing Virginia Department of Environmental Quality’s (VDEQ’s) recently proposed Virginia Stormwater Management Handbook, Version 1.0 (Handbook). The proposed Handbook is available...more

Miles & Stockbridge P.C.

Maryland Department of Labor Proposes Changes to the State’s Mini-WARN Act

The Maryland Department of Labor (MDOL) issued proposed regulations last month to the Economic Stabilization Act. Also known as the Maryland Mini-WARN Act, it provides notice requirements and guidance to employers faced with...more

Davis Wright Tremaine LLP

New IRS Guidance on Long-Term, Part-Time Employee Retirement Plan Participation

New proposed regulations clarify how employers should implement retirement plan eligibility rules for long-term, part-time ("LTPT") employees. While some questions remain, the proposed regulations provide a number of welcome...more

Perkins Coie

Treasury Releases First Installment of Long-Awaited Guidance on Donor-Advised Funds

Perkins Coie on

Over the past several years, the U.S. Department of the Treasury has been preparing guidance concerning donor-advised funds (DAFs), which are accounts owned and controlled by public charities over which individual or...more

Fenwick & West LLP

Fenwick Writes Comment Letter on Notice 2023-63 on Amortization of Specified Research or Experimental Expenditures under Section...

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Following the IRS’s issuance of guidance in Notice 2023-63 regarding R&D capitalization under Section 174, a working group of several Fenwick tax group attorneys commented to the IRS and the U.S. Treasury Department on...more

Skadden, Arps, Slate, Meagher & Flom LLP

Employment Flash - November 2023

...NLRB Issues Final Rule on ‘Joint Employer’ Standard On - October 26, 2023, the National Labor Relations Board (NLRB) issued a final rule titled “Standard for Determining Joint Employer Status,” which rescinds and...more

Holland & Knight LLP

Eyes on Energy Tax Update: Third Quarter 2023

Holland & Knight LLP on

Eyes on Energy Tax Update is a regular publication of the Holland & Knight Renewable and Alternative Energy Tax Team that provides highlights of important developments. The Renewable and Alternative Energy Tax Team also...more

DarrowEverett LLP

Q3 Employment Law Updates: Enforcement Actions Bring Much for Employers to Consider

DarrowEverett LLP on

The third quarter of 2023 has been pretty exciting as far as employment lawyers are concerned. Substantial regulations have been proposed and the pressure from federal agencies continues to rise. We will talk about some of...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Emphasizes Health FSA and Dependent Care Assistance Program Substantiation Requirements

On April 28, 2023, the Internal Revenue Service’s (IRS) Office of Chief Counsel released guidance reiterating claims substantiation rules for health flexible spending arrangements (health FSAs) under Internal Revenue Code...more

Bricker Graydon LLP

IRS Releases Guidance on Elective Payments

Bricker Graydon LLP on

On Wednesday, June 14, 2023, the IRS released its long-awaited initial guidance and proposed regulations regarding the newly created direct payment election methodology. The federal government created this new “elective...more

Bracewell LLP

Treasury Department and IRS Release Long-Awaited Guidance on Credit Transfers

Bracewell LLP on

On June 14, 2023, the Treasury Department and the Internal Revenue Service (IRS) released long-awaited guidance (the Credit Transfer Guidance) regarding the transfer of energy transition tax credits under Section 6418, which...more

Eversheds Sutherland (US) LLP

Treasury and IRS release domestic content guidance for renewable energy tax credits

On May 12, 2023, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released Notice 2023-38 to provide guidance on the domestic content requirements under IRC sections 45, 45Y, 48, and 48E....more

Holland & Knight LLP

Eyes on Energy Tax Update: First Quarter 2023

Holland & Knight LLP on

Eyes on Energy Tax Update is a regular publication of the Holland & Knight Energy Tax Team that provides highlights of important energy tax developments. ...more

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