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IRS extends continuity safe harbor for renewable energy projects

USA - June 30 2021 On June 29, 2021, the IRS issued Notice 2021-41, which provides a further extension of the continuity safe harbor and revises the “facts and…

Amish M. Shah, Bradley M. Seltzer, Daniel G. Strickland, Mary Kate Nicholson.

Section 45Q carbon capture and sequestration final regulations released

USA - January 6 2021 On January 6, 2021, the Internal Revenue Service and the Department of the Treasury released final regulations on the IRC section 45Q carbon capture…

Amish M. Shah, Bradley M. Seltzer, Daniel G. Strickland, David M. McCullough, Dorothy B. Franzoni, Engin K. Nural, Graham R. Green, Joshua L. Belcher, Lino Mendiola III, Madeleine M.L. Tan, Ram C. Sunkara, Susan G. Lafferty, Thomas H. Warren.

IRS issues final regulations on section 468A nuclear decommissioning costs

USA - September 4 2020 On September 3, 2020, the Internal Revenue Service (IRS) released long-awaited final regulations (Final Regulations) under section 468A of the…

Amish M. Shah, Bradley M. Seltzer, Engin K. Nural, Graham R. Green, H. Karl Zeswitz.

PLR on the normalization of cost of removal and accounting method changes for repairs and mixed service costs, but questions remain

USA - August 20 2020 On August, 15, 2020, the Internal Revenue Service (IRS) issued PLR 202033002, in which it addressed whether cost of removal (COR) is “protected” by…

Amish M. Shah, Bradley M. Seltzer, Engin K. Nural, Graham R. Green, H. Karl Zeswitz.

“But wait, there’s more.” - Rev. Proc. 2020-39 provides guidance on the proper treatment of excess deferred taxes, and other normalization issues

USA - August 17 2020 On August 14, 2020, the Internal Revenue Service (IRS) issued Rev. Proc. 2020-39 to provide guidance on the proper treatment of excess deferred taxes…

Amish M. Shah, Bradley M. Seltzer, Ellen McElroy, Engin K. Nural, Graham R. Green, H. Karl Zeswitz.