Renewable Fuels, Individual Tax, and Business Tax
Tax laws and regulations are subject to change. Information presented here reflects our current understanding at time of post. For additional information and inquiries, please contact us. We are available to provide assistance!
Developments in Renewable Fuels
SB Energy Global is first solar company to achieve the domestic content bonus of the ITC, by sourcing all it’s components from US based suppliers.
Flex Fuel Fairness Act was introduced in the Senate November 29, 2023. This is in response to the EPA’s tailpipe standards applicable for model year vehicles 2027 – 2032, which assume zero-emissions for EV vehicles ignoring their manufacturing components. Flex Fuel Vehicles (FFVs) are currently rated the same as none FFVs for emissions, though they are able to use E85 fuel; this act would allow those FFVs to have a 31% lower emissions rating.
Developments in Individual Tax
M1PR electronic filing is closed until March 15, 2024. If you have a 2022 M1PR to be filed, it can still be accepted via the mail-in option.
Developments in Business Tax
Soroban Capital Partners LP v. Commissioner ruled in the IRS’s favor stating a “limited partner” label does not automatically exempt those earnings from self-employment tax. The Tax Court ruled Congress intended the exemption from SE tax only to apply to income from investments and additional “income made [by a partnership] when a limited partner provided services to the partnership does not fall under the exception and is still subject to the self-employment tax.” This opinion may lead future partnership agreements to give limited partners no say in managerial decisions.
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