As part of the Inflation Reduction Act (“IRA”) passed in August of 2022, $391 billion of governmental funding was allocated to energy and climate initiatives. The ability to transfer (i.e. sell) clean energy credits was part of the new legislation and covered under IRC Section 6418. The intent of IRC…

Every Friday night, my family celebrates cheese night. Okay, celebrate might be a strong word. But for the last few years, we’ve designated Fridays as cheese nights. At the end of a long week, it’s nice to put out a spread of fruits and vegetables, olives and pickles, bread, and,…

IRS funding is back in the news. Less than a month after a debt ceiling agreement that would claw back some of the IRS funding previously authorized by the Inflation Reduction Act of 2022 (IRA), a bill is back in the House to reduce the agency’s funding even more. The…

The tax treatment of legal settlements and judgments depends on the claims, whether the case settles or goes to judgment, how checks and IRS Forms 1099 are issued and more. The same tax rules apply to settlements and judgments, but you have more flexibility to reduce taxes when a case…

“What a difference a year makes!” That’s how National Taxpayer Advocate (NTA) Erin M. Collins kicked off the preface to her midyear report to Congress. That difference, Collins reported, was positive. She noted, “In submitting this report, I’m finally able to deliver some good news: The taxpayer experience vastly improved…

The United States does not have a carbon border tax. But legislation recently introduced by a bipartisan group of senators could very well put the country on track to implement one. If the United States were to implement a carbon border tax, it would need to know which kinds of…

Scott Peterson of Avalara discusses the South Dakota v. Wayfair decision, including how companies and states are faring five years later and what could be next with sales tax nexus. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor…

The heirs of an estate can be liable to pay the estate or income taxes (and perhaps other obligations) of the estate. A recent court case involved the estate of the founder of Gulfstream, the aircraft manufacturer. The founder, Allen Paulson, died in 2000 with an estate valued at about…

Despite U.S. lawmakers’ eagerness to pass final judgment on the 2017 Tax Cuts and Jobs Act’s signature anti-base-eroding measures, it will be some time before the law’s legacy becomes clear. The Senate Finance Committee’s May 11 hearing, which the majority had planned to devote to the aggressive tax planning practices…

After months of speculation, Hunter Biden, the son of President Joe Biden, has been charged with tax and gun charges. According to court documents, he is expected to plead guilty to two misdemeanor tax charges as part of a plea deal. In a letter filed in federal court, the charges…