On May 31, 2023, the Internal Revenue Service issued additional detailed guidance via Notice 2023-44 for the Qualifying Advanced Energy Project Credit Allocation Program as was extended by the Inflation Reduction Act of 2022 (IRA) to provide an additional $10 billion credit allocation.
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Financial institutions commonly consider investment securities and wholesale sources to be their funding sources. However, some examiners are beginning to challenge this.
Investment securities can be classified as held-to-maturity (HTM) or available-for-sale (AFS), and institutions…
Most people think of transfer pricing as an international issue that only applies to global multinationals. But transfer pricing also comes into play for Real Estate Investment Trusts (REITs), which operate largely in the U.S. Some may not be aware that REITs are subject to a number of transfer…
For banks and other financial organizations, social media can be a green field of opportunity and a dark forest of potential threats—all at the same time. The Gamestop stock price run-up, led by Reddit’s WallStreetBets chat forum, led to a leap…
The Internal Revenue Service (IRS) issued proposed regulations on the application of the federal Superfund Tax that address a number of issues surrounding the imposition of the tax. The Infrastructure Investment and Jobs Act of 2021 reinstated IRC Section 4661, which imposes a per-ton tax on the…
The Internal Revenue Service has released guidance for determining the beginning of construction of a qualified facility, property, or project or equipment (collectively, “qualified facility”) for purposes of the increased Inflation Reduction Act credits or deduction by satisfying the prevailing…
The IRS released guidance on the prevailing wage and apprenticeship requirements for increasing the base credit amount of many Inflation Reduction Act (IRA) credits and the deduction under Internal Revenue Code (IRC) Section 179D.
At the May 2023 American Bar Association Tax…
Compliance through the federal grants process can be complex. For example, the COVID-19 pandemic ushered in intricate new programs through the American Rescue Plan Act (ARPA). Even though clear guidelines were not always available up front, the consequences of…
As most of us are all too aware, Silicon Valley Bank (SVB or Bank), a subsidiary of publicly traded parent company, SVB Financial Group, was shut down by federal regulators on March 10, 2023. At the time of its collapse, SVB was the 16th largest bank in the U.S. with approximately $212 billion…
In the ever-changing technology environment we live in, an up-to-date inventory of an organization’s technology assets is critical for maintaining overall security. These assets may include hardware, such as servers or laptops;
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