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Articles by Keith Phillis
Leveraging Real Estate Professional Status (REPS): Using Rental Losses to Reduce Active Income
Section 469 of the Internal Revenue Code (IRC) generally disallows the deduction of passive activity losses1 against non-passive income.2Under the default rule of IRC Section 469(c)(2), any rental activity is treated as per se passive, regardless of the taxpayer’s level of participation.
Get to Work: New Treasury Guidance Changes Safe Harbors for Solar and Wind Tax Credits
On August 15, the Treasury Department published long-awaited guidance on applicability of “beginning of construction” safe harbors for solar and wind projects under the One Big Beautiful Bill and Executive Order 14315. While IRS Notice 2025-42 was expected to be much worse for the industry, the version that was issued does provide relief for those who plan ahead.
Key Estate Planning and Medicare Changes in the One Big Beautiful Bill
Congress has taken a major step toward reshaping the federal estate planning and Medicare landscape. The House and Senate have now passed the final draft of the widely discussed One Big Beautiful Bill (OBBB), which includes sweeping revisions relevant to high-net-worth individuals, families with aging loved ones, and anyone engaging in long-term planning. Estate and Gift Tax Exemption Increased: The OBBB raises the federal estate and gift tax exemption.
The Forecast Calls For Sun: What New Administration’s First 30 Days Means for Solar Industry
United States policy surrounding renewable energy has fluctuated significantly as administrations change; President Jimmy Carter put solar panels on the White House in 1978, and President Ronald Reagan removed the panels in 1986. Those who have worked in the renewable energy industry anticipate these fluctuations and adapt their plans to accommodate them.
Crystallization is a pivotal concept in private equity fund management, particularly for General Partners (GPs) seeking to realize the value of their carried interest, or “promote.” As private equity funds mature and assets are monetized, the timing and method of crystallizing a promote can have significant implications for both GPs and Limited Partners (LPs).
Get to Work: New Treasury Guidance Changes Safe Harbors for Solar and Wind Tax Credits | JD Supra
On August 15, the Treasury Department published long-awaited guidance on applicability of “beginning of construction” safe harbors for solar and wind projects under the One Big Beautiful Bill and Executive Order 14315. While IRS Notice 2025-42 was expected to be much worse for the industry, the version that was issued does provide relief for those who plan ahead. Key Changes in Notice 2025-42 1.
The Forecast Calls For Sun: What New Administration's First 30 Days Means for Solar Industry | JD Supra
February 19, 2025 To embed, copy and paste the code into your website or blog: United States policy surrounding renewable energy has fluctuated significantly as administrations change; President Jimmy Carter put solar panels on the White House in 1978, and President Ronald Reagan removed the panels in 1986. Those who have worked in the renewable energy industry anticipate these fluctuations and adapt their plans to accommodate them.
How Will New Congress Impact Tax and Estate Planning Strategies? | JD Supra
With the looming elections, tax planners have taken time to consider what the future of Estate and Gift Tax planning might be under the new Congress.[1] Every new Congress considers changes to the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury Regulations, which they will either propose or endorse. In general though, wealthy Americans — and not just billionaires — should expect their taxes to rise in the next four years.
Estate Planning for Your Real Estate Business: Tips to Preserve Value | JD Supra
Real estate business owners face unique challenges that many business owners in other industries do not experience. The real estate market climbs and falls, contractor fees and material costs rise with inflation, and high interest rates can destroy the profitability of a real estate portfolio. These added complexities mandate more complex planning for ownership and management transitions.
Buy, Sell, Pay Taxes: SCOTUS Decision Places Its Own Premium on Buy-Sell Insurance | JD Supra
All U.S. closely held businesses just received a warning from the highest court in the land that they should review their succession plans (or else risk a higher tax bill for the estates of their owners). On June 6, 2024, the Supreme Court of the United States (“SCOTUS”) issued its unanimous decision on Connelly v. United States.
Decisions, Decisions: Choice of Entity vs. Choice of Tax Classification | JD Supra
June 12, 2024 To embed, copy and paste the code into your website or blog: Before forming any entity, founders need to make two fundamental decisions: which entity type is best for their business operations and which tax classification is best for the owners. Although the entity type and tax classification can be changed after formation, some forethought before forming a business can reduce expenses, taxes, and headaches.
New Domestic Content Adder Guidance: ‘Buy American’ is Back | JD Supra
On May 16, 2024, the Department of the Treasury and the IRS announced the release of Notice 2024-41,[1] which clarifies the safe harbor for classification of project components created in Notice 2023-38 and provides a new safe harbor for the domestic content bonus credit percentages for clean energy tax credits offered under the Inflation Reduction Act.
Converting Office Space to Housing? There Are Incentives For That | JD Supra
With housing availability at record lows in many communities across the U.S., including gateway cities such as New York,[1] and commercial office space still not fully recovered from the COVID-19 pandemic,[2] the federal government is attempting to alleviate both issues by incentivizing the conversion of former office space to residential use.[3] The Biden Administration recently released its guidebook on programs that highlight government-funded grants, loans and loan guarantees to encourage...
What IRS’s Low-Income Adder Guidance Means For Renewables Projects | JD Supra
The Inflation Reduction Act of 2022 (the “Act”) breathed new life into the tax scheme for renewable energy projects, creating a new base tax credit with a series of adders that can significantly increase viability of projects that otherwise would not be economically feasible. The IRS issued Revenue Procedure 2023-27 (“Rev. Proc.
Potential Changes Threaten Estate Planning Strategies, Create Urgency to Act | JD Supra
Actor Will Rogers is widely credited with stating that “the only difference between death and taxes is that death doesn’t get worse every time Congress meets.” While most taxpayers fear tax laws changing for the worse, estate and gift taxation has only grown more favorable to taxpayers over the last decade despite very public opposition.
Massachusetts Tax Court Plan Seeks to Reduce Costs, Improve Ease Original
The Massachusetts Appellate Tax Board, a statewide court for tax appeals, published proposed rules on April 20, 2023, aiming to increase transparency of tax appeals and encourage parties to narrow the contested issues so they can settle or streamline court proceedings. The ATB will accept public comments through June 4, 2023, and intends to hold public hearings. While the rules as published aren’t final, they present a large step forward for Massachusetts taxpayers and their counsel.
Location, Location, Location: Asset Protection for LLC Founders | JD Supra
A primary focus when starting a business should answer this question: What structure provides the most protection? New founders can get bogged down in the minutia about whether to choose a corporation or a limited liability company (“LLC”), how they want the business to be taxed, or what titles the owners should have. These are all very important decisions, but they can distract from the focus on protecting the owner individually, as well as his or her assets and income.
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