By Natalie Grumhaus As tax and legal advisors to corporations with multinational businesses, it’s important to provide your clients with advice to help them minimize their tax liabilities in all markets. While the U.S. Section 41 credit (the “R&D credit”)…
By Natalie Grumhaus The IRS officially broke its silence this week on the status of the millions of outstanding ERC claims. While the old adage of “no news is good news” may still ring true for some, having a little…
By Andrew Nlemadim As part of ambitious clean energy initiatives, the Domestic Content Bonus Credits provided by the Inflation Reduction Act (IRA) represent a significant opportunity to enhance renewable energy projects further. If your clients include manufacturers that produce components for…
The Qualifying Advanced Energy Project Credit (48C) Program By Barry Devine Round 2 for the 48C has been announced!! “The DOE section 48C portal will open no later than May 22, 2024, for taxpayers to submit a concept paper…
In an era where clean energy and sustainability are at the forefront of industrial development, the U.S. Department of Treasury and Internal Revenue Service have announced pivotal updates that promise to influence the landscape of energy project financing significantly. With…
By Natalie Grumhaus For the last few years, anyone can tell you how miserable and unnecessarily lengthy IRS audits can be. Even the IRS has acknowledged this and, in an effort to streamline processes and enhance the taxpayer experience, it…
By Marlon Stepp Despite all the gloom and doom predictions for commercial real estate, two-thirds of the world’s total building area today will still exist in 2040. Buildings generate nearly 40% of annual global CO2 emissions. Without widespread building decarbonization across the…
By Natalie Grumhaus Despite the chilly weather of Second Winter currently enveloping Michigan, hope “springs” eternal for businesses with R&D costs in the state. On Tuesday, March 19, 2024, the Michigan Senate approved three of the five bills in the…
While tax credits and deductions typically don’t provide much benefit to nonprofits, if any at all, recent changes to the Inflation Reduction Act (2022) that were passed in 2023 now provide incentives to qualifying nonprofit organizations. Foremost among these changes…
Written by Natalie Grumhaus On March 11, 2024, and effective as of May 10, 2024, the IRS published the finalized regulations allowing tax-exempt organizations, along with a select number of for-profit companies, to elect to treat tax credits as a…