Federal & State Tax News


Adjustments, Reference Prices for Renewable Energy Production Credit Released

Monday, July 2, 2018

The IRS has published the inflation adjustment factors and reference prices to be used in computing the renewable electricity production credit and the refined coal production credit under Code Sec. 45 for calendar year 2018. The inflation adjustment factors and reference prices apply to sales in calendar year 2018 of kilowatt hours of electricity produced in the […]

Final Round of Opportunity Zone Designations Announced

Monday, July 2, 2018

The Treasury and the IRS have designated Opportunity Zones in 15 states and three territories. Investments in these specific Qualified Opportunity Zones get preferential tax treatment under the Tax Cuts and Jobs Act ( P.L. 115-97). Qualified Opportunity Zones retain the designation for 10 years; the final round of submissions were approved for Florida, Nevada, Pennsylvania […]

Date Extended for Applying Foreign Branch Transaction Rules

Monday, July 2, 2018

The IRS has announced a new one-year extension for applying the Code Sec. 987 final and related temporary regulations covering foreign branch transactions of U.S. corporations. The regulations will now apply to tax years beginning on or after the date that is three years after the first day of the first tax year following December 7, 2016. […]

Updated 2018 Standard Mileage Rates Notice Reflects Tax Cuts Changes

Monday, July 2, 2018

The IRS has updated Notice 2018-3, I.R.B. 2018-2, 130, to reflect changes to the tax law made by the Tax Cuts and Jobs Act ( P.L. 113-97). Changes impacting Notice 2018-3include: the suspension of the deduction for unreimbursed employee expenses; the suspension of the deduction for moving expenses; and the increase of depreciation limits for passenger vehicles. Unreimbursed […]

IRA Payments to Unclaimed Property Fund Are Subject to Federal Withholding and Reporting

Monday, July 2, 2018

The IRS has clarified that a trustee’s payment of an individual’s interest in a traditional individual retirement account (IRA) to a state unclaimed property fund, as required by state law, is subject to federal income tax withholding and IRA reporting requirements. A person will not be treated as failing to comply with these requirements for […]