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Comparing and contrasting business tax strategies
Using the correct expensing strategy for items of real and personal property enables taxpayers to obtain the maximum tax benefits.
Current developments in taxation of individuals: Part 2
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending April 2025.
Commonly overlooked business property tax compliance and valuation issues
Updating their fixed-asset records and exploring state exemptions can create often-missed tax savings for businesses.
The R&D tax credit for architects and engineers
Architecture and engineering firms often face challenges when seeking to claim the Sec. 41 research-and-development tax credit for their work on building and construction projects, as two recent court cases illustrate. However, by understanding the requirements to claim the credit and carefully planning, executing, and substantiating a project, they may be able to qualify for it.
Current developments in taxation of individuals: Part 1
This update surveys recent federal tax developments involving individuals, including
court cases, rulings, and guidance issued during the six months ending April 2025.
Current developments in S corporations
This annual update covers recent developments relating to S corporations, including IRS relief for common inadvertent S election lapses; the transfer of clean-energy credits; and other cases, rulings, and regulations.
Tax-exempt investment in partnerships holding energy properties
If tax-exempt entities invest in energy projects through partnerships, careful consideration should be given to allocations under the respective partnership arrangements to avoid any detrimental impact on the eligibility of the energy property’s basis for ITC and accelerated depreciation
The enduring importance of determining tax ownership
Throughout nearly a century of case law and guidance, the benefits and burdens of ownership have remained the touchstone for claiming tax attributes of tangible property.
Impact of ‘beginning of construction’ on Inflation Reduction Act credits
Taxpayers may be able to claim the PWA multiplier for certain credits if a project’s “beginning of construction date” is before Jan. 30, 2023.
Tax provisions in the One Big Beautiful Bill Act
The bill extends portions of the Tax Cuts and Jobs Act, provides deductions to eliminate income taxes on certain tips and overtime pay, and addresses other tax priorities of the Trump administration.
Clean fuel production credit: Regulatory roadblocks ahead
Early guidance for the new Sec. 45Z clean fuel production credit raises concerns regarding the eligibility of fuel sales to wholesalers.
Tax provisions of Senate Finance’s version of the budget bill
The 549-page text calls for making many provisions of the Tax Cuts and Jobs Act permanent. The committee says that the SALT cap amount is “the subject of continuing negotiations.”
Apportioning tax benefits among members of a controlled group
Maintaining an apportionment plan among component members can help ensure optimal tax results.
Court allows Sec. 7431 tax information disclosure claim to go forward
The court refused to dismiss a taxpayer’s claim under Sec. 7431 against a company that employed an individual who made an unauthorized disclosure of the taxpayer’s tax return and information.
Placing in service the benefits of the Inflation Reduction Act
Determining when energy property is eligible for a tax credit or deduction hinges on when it is first placed in service, which can be controversial.
Ways and Means approves proposed TCJA extensions and tax changes
The bill would make key portions of the TCJA permanent and create a new “senior bonus” deduction, among its many provisions. An AICPA statement said it is “deeply troubled” by the plan to curtail use of passthroughs to avoid SALT cap. The bill now heads to the House Budget Committee.
Incentives for solar power generation systems
Tax benefits are available to taxpayers who generate their own electricity from solar power generation systems whether the system is for personal or business use.
Tax implications in the automotive industry: The core of remanufacturing
Remanufactured “cores,” or used vehicle parts, are essential to the automotive industry but present distinct special tax and accounting considerations.
Current developments in taxation of individuals: Part 2
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2024.
Legacy clean-energy credits evolve into tech-neutral credits
The transition beginning in 2025 entails certain new requirements but also opportunities.
