Key Takeaways
- Energy
- Corporate Transparency Act
- Crypto
- In the Courts
- National Pastry Day
Energy
IRS Eases Obstacles for Biogas to Benefit from Tax Credit – Erin Schilling, Bloomberg ($):
Renewable natural gas and biogas developers have faced uncertainty since the Section 48 investment tax credit rules were proposed more than a year ago. The proposal included ownership requirements that made it difficult for many renewable natural gas projects to qualify. The changes in the final rules are a boon for the industry that will allow for more sales of investment tax credits for renewable natural gas projects, tax professionals said.
Biogas Group Wants a Safe Harbor as Tax Credit Deadline Looms – Erin Schilling, Bloomberg ($):
Treasury and IRS Dec. 4 finalized the Section 48 investment tax credit rules that benefit the renewable natural gas industry. But for more than a year the industry has been operating under the proposed rule, which included ownership requirements that made it difficult for the industry to qualify.
Projects can still receive the credit if they start construction, which could mean physical work has started or a certain amount is invested, by Dec. 31.
Corporate Transparency Act
DOJ Appeals Nationwide Injunction Against Transparency Act – Andrew Velarde, Tax Notes ($). “The Justice Department wasted little time in elevating a dispute over the constitutionality of the Corporate Transparency Act (CTA) after a district court issued a nationwide injunction against the law and found Congress exceeded its power.”
Crypto
Revised Crypto Reporting Form Removes Disputed Item – Chandra Wallace, Tax Notes ($):
The updated draft of Form 1099-DA, “Digital Asset Proceeds From Broker Transactions,” was released on the IRS website December 5.
In the Courts
Tax Court Invokes Golsen Rule to Block IRS Penalty Collection – Tristan Navera, Bloomberg ($). “The US Tax Court is shooting down IRS authority to levy penalties for failure to disclose an interest in a foreign business through its use of the Golsen rule.”
US-Canada Treaty Lets Foreign Tax Credits Offset Investment Tax – John Woolley, Bloomberg ($). “A US-Canada tax treaty entitled a taxpayer to more than $263,500 in refunds because the countries’ agreement provided an independent basis for him to claim foreign tax credits on his net investment income tax, the US Court of Federal Claims said.”
Taxpayer Rebuts Government’s Passive Voice Fraud Argument – Nathan J. Richman, Tax Notes ($). “The government’s argument that the fraud exception to the normal statute of limitations on assessment is agnostic about the fraudster’s identity rests on inapposite precedent and misreads the statute, a taxpayer told the Third Circuit.”
What Day is it?
Hooray for National Pastry Day! I will definitely be celebrating, but if you’re on a pre-holiday diet, find comfort in National Llama Day instead.
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