Long Awaited Elective Payment Election Final Regulations and Other Guidance Issued by Treasury Department and IRS
On March 5, 2024, the U.S. Department of Treasury and Internal Revenue Services (IRS) released final regulations regarding the direct payment election under the Inflation Reduction Act of 2022 (IRA), a tax credit monetization opportunity for certain applicable entities such as state and local…
Is Your Nonprofit Considering Holding a Raffle? Think Twice.
Raffles can be a profitable and exciting fundraiser for nonprofits seeking to raise money for their cause. Raffles are considered games of chance, meaning participants pay money for a chance to win a prize. Games of chance can be considered lotteries and are heavily regulated in many states as a…
Solar Projects? It's Time for Governmental and Tax-Exempt Entities to File for Applicable Tax Credits
As provided for in the 2022 Inflation Reduction Act (or IRA), entities not subject to taxation such as cities, counties, municipal utilities, school districts and 501(c)(3) organizations (or tax-exempt entities) can now take direct advantage of tax credits (including the investment tax credit (or…
WHY ADDING A CHILD AS A JOINT OWNER MAY NOT BE A GOOD IDEA
January 17, 2024
by Casey Dorman Lawson
Individuals are often interested in ways to transfer their assets at death without having those assets go through a probate proceeding. Those same individuals are also often interested in accomplishing this without having to visit an attorney or execute a Will or a Trust. Thus, this leads many…
Business Owner Alert: Corporate Transparency Act Requires New Ownership Reporting in 2024 and Beyond
It has been many years in the making, but the effective date of the Corporate Transparency Act (the “CTA”) is finally here. The CTA, enacted in 2021, is designed to prevent money laundering and other unlawful activity through the use of business entities to conceal identities. As of January 1…