The Internal Revenue Service (IRS) and Treasury Department today published Notice 2018-43 to invite public recommendations on what should be included in the 2018-2019 priority guidance plan. The 2018-2019 priority guidance plan will identify which guidance projects that Treasury and the IRS will prioritize from July 1, 2018, to June 30, 2019. The deadline to submit recommendations for possible inclusion in the original 2018-2019 priority guidance plan is June 15.
The Department of Treasury today released a second-quarter update to its 2017-2018 Priority Guidance Plan. Guidance for Opportunity Zones created under the new tax law was added in this update.
A client alert issued today by Novogradac & Company explains the new federal Base Erosion and Anti-abuse Tax (BEAT) and discusses its implications to tax credit communities. The alert, written by Michael Novogradac, CPA, and Nicolo Pinoli, CPA, explains who is affected, how the BEAT is calculated and how the BEAT may affect future tax credit investments.
A client alert posted today by Novogradac & Company explains the basics of Opportunity Zones, a community development tool included in tax reform legislation passed by Congress and signed into law by President Donald Trump. The document explains benefits to Opportunity Zones investors, defines Opportunity Zones and Opportunity Funds, and previews the next steps for the new program.
A client alert authored by Novogradac & Company partner Stephen Tracy, CPA, highlights the impact of the Tax Cuts and Jobs Act on the renewable energy tax credit industry.
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