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Congress enacts tax and climate bill
The Inflation Reduction Act, P.L. 117-169, passed Congress and was signed into law, containing a new corporate minimum tax, a stock buyback excise tax, and many new and expanded clean energy incentives.
Guidance on clean vehicle tax credit
The IRS provided immediate guidance on a provision of the Inflation Reduction Act requiring a car’s or truck’s final assembly to have occurred in North America for purposes of claiming the Sec. 30D credit, as extended and modified by the act.
CHIPS and Science Act with semiconductor tax credit passes Congress
For eligible taxpayers, the credit is 25% of qualified investments in any advanced semiconductor manufacturing facility.
Guide released for tax pros’ information security plan
A sample template is included in this publication by the IRS and the Security Summit, helping tax and financial firms comply with the federally mandated safeguards rule.
National taxpayer advocate appeals IRS response on scanning tech
In a memo to IRS Commissioner Charles Rettig, National Taxpayer Advocate Erin Collins escalated her earlier directive that the Service implement barcode reading of paper returns and after what she deemed the IRS’s inadequate response.
Regulations streamline partnership basis elections
Final regulations allow an election to adjust the basis of partnership property under Sec. 754 without having to include a partner’s signature on the election statement.
Some balance-due notices on joint returns issued in error, IRS says
Generally, these erroneous CP14 notices involved payments made by a spouse who was the second-listed taxpayer on the return.
