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Prop. regs. identify syndicated conservation easements as listed transactions
Although the IRS disagrees with court decisions that its use of subregulatory guidance to identify certain easements as listed transactions violated the Administrative Procedure Act, it issued proposed regulations to so designate them.
Final regs. issued on centralized partnership audit regime
The regulations provide an exception from the procedures for partnership-related items involving a “special enforcement matter” and rules for certain imputed underpayments and related adjustments.
Domestic filing exception requirements modified in draft Scheds. K-2, K-3
Versions of the schedules reporting items of international tax relevance to partners and S corporation shareholders for 2022 modify a filing exception for certain domestic partnerships and S corporations.
Clean energy project prevailing wage rate and apprenticeship requirements issued
The IRS provided initial guidance on provisions enacted by the Inflation Reduction Act, P.L. 117-169, that allow increased credit or deduction amounts.