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Tax Legal News
In-house attorneys looking for a better way to organize, vet and easily retrieve legal news created the National Law Review online edition.
Around the clock, the National Law Review's editors screen and classify breaking news and analysis authored by recognized legal professionals and our own journalists.
There is no log-in to access the database and new articles are added hourly.
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IRS 2024 Dirty Dozen Highlights Major Tax Scams, Including Abusive Tax Schemes
Each year, the Internal Revenue Service (IRS) releases a Dirty Dozen list highlighting twelve tax fraud scams that taxpayers, businesses and tax professionals should be wary of. The 2024 list, which was rolled out in the lead-up to Tax Day, features a wide range of tax schemes.
In addition to warning taxpayers, businesses, and tax professionals about the dangers of these schemes, the IRS encourages individuals to blow the whistle on tax scams and other frauds.
More on Major Tax Scams in 2024 Here >
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Treasury Department Issues Guidance on Round Two of §48C Advanced Energy Tax Credit Program
The highly anticipated guidance for the second round of allocations (Round Two) under the US Treasury’s §48C Qualifying Advanced Energy Project Tax Credit program was released this week pursuant to IRS Notice 2024-36, with concept papers due potentially in the next 45 days. That doesn’t provide applicants much time, but those with eligible projects should strongly consider submitting a concept paper. Submission of a concept paper is required to submit a full application, and receiving a letter of discouragement from the Department of Energy (DOE) on a concept paper does not preclude an applicant from submitting a full application. Moreover, an applicant that applied for but failed to receive an allocation in the first round is not precluded from applying for an allocation in Round Two.
More on Advanced Energy Tax Credit Program Here >
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Bipartisan Proposal Would Not Tax Staking Rewards Until Time of Sale
On Tuesday, April 30, 2024, U.S. Congressmen Drew Ferguson (R-GA) and Wiley Nickel (D-NC) introduced a bill, the Providing Tax Clarity for Digital Assets Act, to codify the U.S. federal income tax treatment of the acquisition by a taxpayer of a reward of a digital asset pursuant to a consensus mechanism (i.e., a staking reward). The proposal provides that digital asset staking rewards would be taxable upon disposition, rather than at the time of acquisition.
More on Taxing Staking Rewards Here >
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Hedge Start: Key Tax Issues
Different hedge fund investors have different tax concerns that must be taken into account when structuring a hedge fund and its portfolio investments. Hedge fund investors generally fall into three categories:
U.S. taxable investors who generally prefer to invest in an onshore fund — typically a Delaware limited partnership or limited liability company — that is treated as a partnership for U.S. tax purposes, since that gives them essentially the same tax treatment as if they owned the underlying assets directly.
More on Key Tax Issues for Hedges Here >
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Protect Yourself: Action Steps Following the Largest-Ever IRS Data Breach
On January 29, 2024, Charles E. Littlejohn was sentenced to five years in prison for committing one of the largest heists in the history of the federal government. Littlejohn did not steal gold or cash, but rather, confidential data held by the Internal Revenue Service (IRS) concerning the United States’ wealthiest individuals and families.
Last week, more than four years after Littlejohn committed his crime, the IRS began notifying affected taxpayers that their personal data had been compromised. If you received a notice from the IRS, it means you are a victim of the data breach and should take proactive steps to protect yourself from fraud.
More on IRS Data Breach Here >
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