Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 27, 2021 – October 1, 2021. .
The IRS released a revenue procedure, adding Chile to the list of jurisdictions with which the United States has a relevant information exchange agreement in effect for reporting payments of deposit interest.
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Key Points:
CBP recently ruled that the Jones Act applies to the transportation of merchandise from a U.S. port to locations on the OCS used for developing and producing wind energy, following Congressional amendments to the OCSLA.
This update along with recent changes in CBP’s application of the Jones Act to certain vessel equipment requires stakeholders involved in off-shore industries to reassess their Jones Act compliance programs.
Offshore wind energy projects will continue to gain visibility through the Biden-Harris administration’s focus on clean energy, and companies should look for opportunities to become active participants in policy-making conversations from the ground level up.
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The U.S. Department of the Treasury and the Internal Revenue Service on January 6, 2021, issued Treasury Decision 9944, providing final regulations relating to Section 45Q tax credits (Regulations). The Regulations provide guidance on the Section 45Q tax credits accrued for certain qualified carbon oxide sequestration activities using qualified equipment.
The Regulations in tandem with a two-year extension of the deadline for the commencement of construction of qualifying carbon capture projects (pursuant to the second COVID-19 stimulus legislation signed by President Trump on December 27, 2020) were anticipated by those working on or planning on investments in various carbon capture, utilization, and storage developments.