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APRIL 27, 2018
 
 
 
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Tax Legal News
In house attorneys looking for a better way to organize, vet and easily retrieve legal news created the National Law Review on-line edition.

Around the clock, the National Law Review's editors screen and classify breaking news and analysis authored by recognized legal professionals and our own journalists.

There is no log in to access the database and new articles are added hourly.​
 
 
 
 
JacksonThis week, the Internal Revenue Service (IRS) issued FAQ guidance regarding the employer tax credit for paid family and medical leave. As a reminder, the Tax Cuts and Jobs Act of 2017 (the Act) provides a tax credit to employers that voluntarily offer paid family and/or medical leave to employees. The FAQs clarify some of the requirements in Section 45S of the Act that an employer’s paid family and/or medical leave policy must include. The FAQs also clarify other details, such as the basis for the credit and the tax credit’s impact on an employer’s deduction for wages paid to an employee who is on a qualifying leave.   More on IRS Guidance Here> 
 
 
 
Alternative energy producers planning to locate or expand in Michigan face a number of unique tax challenges. As a dynamic and highly technical industrial sector that has experienced tremendous growth over the last decade, the alternative energy industry raises tax questions that are novel and nuanced. Most Michigan tax statutes were written in the context of traditional energy production activity, and subsequent legislative developments have often failed to keep pace with technology and the economic realities of alternative energy production. These factors present alternative energy producers with both uncertainty and opportunity; the questions they raise today do not always have clear answers, but the surrounding discussion and debate will likely prove critical in shaping Michigan's future tax environment.    More on MI Tax Considerations Here
 
 
 
The Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) are picking up the pace in releasing substantive guidance regarding implementation of the Tax Cuts and Jobs Act (“TCJA”), passed by Congress and signed into law by President Trump in December 2017. Savvy taxpayers should view this steady stream of guidance as an open invitation and prime opportunity to provide input and help shape the regulations, notices, and other pronouncements that will impact how the TCJA ultimately affects their businesses.
 
 
 
The IRS on April 11, 2018 released Revenue Procedure 2018-26 (Rev. Proc. 2018-26), which expands remedial action options in connection with certain post-issuance leases to private parties of facilities financed with tax-exempt bonds. Whereas previously the bond issue(s) that financed the leased facility would have to be redeemed or defeased to preserve the tax-exemption of the applicable bonds, the new remedial action permits the bonds to remain outstanding if the present value of the lease payments is applied to other bondable expenses. The new Revenue Procedure also introduces remedial action for certain types of tax credit bonds and direct pay bonds that did not previously have access to remedial action options.   More on Tax Advantage Bonds Here>
 
 
 
 

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