TAX

TL/DR - On May 29, 2024, the U.S. Department of the Treasury and the Internal Revenue Service issued Proposed Regulations for clean electricity production and investment tax credits under Sections 45Y and 48E of the Internal Revenue Code.…

TL/DR - The United States and Indonesia are discussing a potential minerals partnership aimed at boosting trade of the electric vehicle battery metal nickel. The talks, which will include discussions on the environmental, social, and…

TL/DR - The Internal Revenue Service (IRS) is making notable progress in implementing the numerous tax provisions contained in last year's Inflation Reduction Act, as per a report from the Treasury Inspector General for Tax…

TL/DR - The Inflation Reduction Act of 2022 allows for the transfer of tax credits for clean energy projects, incentivizing developers and investors to get involved. The law created two new credit delivery mechanisms, elective pay and…

## China Halves Stamp Duty on Stock Trading to Boost Struggling Market A recent announcement has revealed that China has halved the stamp duty on stock trading, effective from Monday, in an effort to stimulate its struggling market. This…

Illinois Families Miss Out on Back-to-School Tax Holiday Despite Benefits Despite the potential benefits, many families in Illinois missed out on the recent back-to-school tax holiday. The tax holiday, which aimed to provide relief to…

Hunter Biden, son of U.S. President Joe Biden, has reached a more limited plea deal with prosecutors over his failure to pay income taxes after a previous agreement fell apart. The original agreement was abandoned due to concerns expressed…

International tax advisor, Frank Butselaar, has been re-arrested and charged for his involvement in a conspiracy to engage in tax fraud for over seven years. Butselaar, a citizen of the Netherlands, was charged with one count of conspiracy…

IRS Implements Modernization Efforts to Improve Tax System The Internal Revenue Service (IRS) is making significant progress on its modernization efforts after receiving billions in extra funding. The agency plans to create online accounts…

Treasury and IRS Release Guidance on Tax Credit Transferability On June 14, 2023, the Department of the Treasury and the Internal Revenue Service (IRS) released highly anticipated guidance relating to new Internal Revenue Code (Code)…