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Articles by Nick Sutter
'Wellness' Doesn't Come Tax-Free
Scott A. Sinder’s articles from Steptoe LLP are most popular: in United States with readers working within the Healthcare, Technology and Pharmaceuticals & BioTech industries Three years ago, we warned in a Leader’s Edge column that payments to employees under some “wellness” or “medical indemnity” plans do not satisfy applicable Internal Revenue Service (IRS) requirements to provide promised payroll tax savings for employers or their workers.
The State Of Play For 501(c)(4)s
Steptoe LLP are most popular: within Transport topic(s) As the 2026 elections are approaching, tax-exempt organizations, particularly 501(c)(4) organizations, face an increasingly complex and uncertain federal and state regulatory environment. 501(c)(4) organizations are permitted to engage in lobbying, issue advocacy, partisan political activities, partisan get-out-the-vote (GOTV) efforts, endorse candidates, and support or oppose ballot initiatives.
The Good, the Bad, and the Ugly September
Thanks to the legislation, most key 2017 Tax Cuts and Jobs Act (TCJA) provisions that were set to expire at the end of the year are permanent, including the suite of individual tax payment changes (lower marginal tax rates, increased standard deductions, and the increased child tax credit). As with most every new law, OBBBA comes with upsides and downsides. What happens next might not be pretty.
The One Big Beautiful Bill: Impact On The IRA's Clean Energy Tax Credits
The One Big Beautiful Bill (OBBB), signed into law by President Trump on July 4, makes significant changes to the clean energy tax credits enacted under the Inflation Reduction Act (IRA) in 2022. Although the Senate-passed version of the OBBB did not go as far to repeal or modify the IRA's credits as the initial House-passed version, the enacted legislation represents a dramatic roll back of the IRA's credits.
N. Hunter Johnston - Partner
Overview Hunter Johnston has a leading practice focused on carbon capture and sequestration policy as well as renewable energy and decarbonization policy. Hunter's legal experience over a 35-year career includes representation of clients on matters involving legislative, regulatory, and transactional practice areas with a particular focus in public policy and project finance regarding energy, tax, and decarbonization practice areas.
President Trump Signs The One, Big, Beautiful Bill Act Into Law
After multiple versions and last-minute changes to secure a majority of votes, President Trump signed the One Big, Beautiful, Bill Act (OBBB) into law at a White House signing ceremony on the 4th of July. On July 2, the Senate passed the legislation on a 51-50 vote with Vice President Vance breaking the tie after Senator Rand Paul (R-KY), Senator Susan Collins (R-ME), and Senator Thom Tillis (R-NC) voted, along with all Senate Democrats, to oppose the legislation.
Senate Begins Consideration Of Budget Reconciliation Legislation After Releasing Updated Legislative Text
SJ Steptoe LLP More In more than 100 years of practice, Steptoe has earned an international reputation for vigorous representation of clients before governmental agencies, successful advocacy in litigation and arbitration, and creative and practical advice in structuring business transactions. Steptoe has more than 500 lawyers and professional staff across the US, Europe and Asia.
Senate Finance Committee Releases Its Version Of The One Big Beautiful Bill
SJ Steptoe LLP More In more than 100 years of practice, Steptoe has earned an international reputation for vigorous representation of clients before governmental agencies, successful advocacy in litigation and arbitration, and creative and practical advice in structuring business transactions. Steptoe has more than 500 lawyers and professional staff across the US, Europe and Asia.
Energy Tax Credit Deals Need To Account For Trump Uncertainty
Energy tax credits modified or created by the Inflation Reduction Act nearly three years ago may see significant changes under the Trump administration. Parties to tax credit transfer agreements can protect themselves against risk in this environment of uncertainty by negotiating stronger changes in legal protections in transfer agreements and transactional tax insurance policies.
Energy Tax Credit Deals Need to Account for Trump Uncertainty Original
Energy tax credits modified or created by the Inflation Reduction Act nearly three years ago may see significant changes under the Trump administration. Parties to tax credit transfer agreements can protect themselves against risk in this environment of uncertainty by negotiating stronger changes in legal protections in transfer agreements and transactional tax insurance policies.
OMB Guidance May Temporarily Disrupt Tax Deductions And Credits
On January 27, the Office of Management and Budget (OMB) released a Memorandum for Heads of Executive Departments and Agencies (M-25-13) (OMB Memo) regarding temporary pauses of federal assistance and OMB Instructions for Federal Financial Assistance Program Analysis in Support of M-25-13 (OMB Instructions) identifying particular federal assistance programs and information required to be provided for each.
Hydrogen Regs Will Provide More Certainty — If They Survive - Law360
By Hunter Johnston, Lisa Zarlenga and Nick Sutter ( January 14, 2025, 6:05 PM EST) -- On Jan. 3, after more than one year and 30,000 comments, the U.S. Department of the Treasury and the IRS finalized regulations to implement the Section 45V clean hydrogen production tax credit that Congress enacted under the Inflation Reduction Act in 2022.... Law360 is on it, so you are, too.
Hydrogen Regs Will Provide More Certainty — If They Survive - Law360
ADVERTISEMENT Don't want ads? Subscribe or login now. By Hunter Johnston, Lisa Zarlenga and Nick Sutter ( January 14, 2025, 6:05 PM EST) -- On Jan. 3, after more than one year and 30,000 comments, the U.S. Department of the Treasury and the IRS finalized regulations to implement the Section 45V clean hydrogen production tax credit that Congress enacted under the Inflation Reduction Act in 2022....
Department Of Treasury's Final Hydrogen Tax Credit Regulations Incorporate Significant Improvements From The Widely Contested Proposed Regulations
The Final Regulations offer taxpayers greater flexibility in claiming the credit, reducing risk and creating more certainty for investments in the domestic hydrogen industry. Because of these changes, the risk of legal challenges to the Final Regulations appear diminished but not removed.
Supreme Court Opens The Doors To Federal Court Challenges To Treasury And IRS Regulations
At the end of its 2023 term, the Supreme Court issued two opinions that will drastically change how taxpayers can challenge Department of Treasury (Treasury) and Internal Revenue Service (IRS) regulations and significantly impact tax administration. On June 28, 2024, the Supreme Court issued a 6-3 opinion, divided among ideological lines, in Loper Bright Enterprises v.
Setting The Table For Tax Reform In 2025
Due to several Tax Cuts and Jobs Act (TCJA)1 provisions expiring at the end of 2025, next year is shaping up to be what some are already calling the Super Bowl of Tax. Earlier this year, Senate Finance Committee Chairman Ron Wyden (D-OR) and House Ways and Means Chairman Jason Smith (R-MO) struck a rare bipartisan compromise on tax legislation to move forward with the Tax Relief for American Families and Workers Act (H.R. 7024).
Philip R. West - Partner
Overview Phil West is a trusted adviser to major multinationals and high-net-worth individuals on international tax issues, and is widely regarded as one of the premier international tax lawyers in the United States. He often achieves exceptional results for clients in complex and high-profile tax controversies; legislative, regulatory, ruling, and competent authority proceedings; and other matters.
Treasury And IRS Finalize Energy Tax Credit Transferability Regulations
On April 25, 2024, the Department of Treasury and the IRS (collectively "Treasury") issued final regulations to implement the Inflation Reduction Act's transferability provisions under section 6418 (the "Final Regulations").1 Treasury previously published on June 21, 2023, proposed regulations regarding transfer elections and temporary regulations regarding transferability registration requirements (the "Proposed Regulations").2 The Final Regulations are effective beginning July 1, 2024.
IRS Announces Procedures To Apply For Second Round Of Section 48C Qualifying Advanced Energy Project Credits
Today, the IRS issued Notice 2024-36, which announces the procedures for the second round of allocation of section 48C Qualifying Advanced Energy Project credits. The Inflation Reduction Act extended the section 48C credit to provide an additional credit allocation of $10 billion (of which $4 billion may be allocated only to projects located in Energy Communities).
Treasury Requests Additional Feedback For Obtaining A Provisional Emissions Rate To Claim The Section 45V Clean Hydrogen Production Tax Credit
At the end of last year, Treasury and the IRS issued controversial proposed regulations to implement the new section 45V clean hydrogen production tax credit enacted in the Inflation Reduction Act (the "Proposed Regulations").1 Hydrogen producers and members of Congress have criticized the proposed regulations, which may be vulnerable to legal challenges.
Proposed Regulations
After extensive lobbying, a leaked draft, and a long wait, Treasury and IRS have finally issued the highly anticipated proposed regulations (the "Proposed Regulations") for the new section 45V clean hydrogen production tax credit that Congress enacted in the Inflation Reduction Act (IRA). Among other things, those Proposed Regulations impose additional requirements on hydrogen producers to source and track clean energy in order to take the tax credit.
Treasury And IRS Issue Proposed Regulations On The New Section 45X Advanced Manufacturing Production Tax Credit
On December 14, 2023, Treasury and the IRS issued proposed regulations to implement the section 45X advanced manufacturing production tax credit that was enacted as part of the Inflation Reduction Act (the "Proposed Regulations"). Section 45X provides a production tax credit for the manufacturing of certain eligible solar, wind, and battery components as well as applicable critical minerals that are produced in the United States.
Supreme Court Holds IRS Can Issue A Third-Party Summons Without Providing Notice To The Account Holder If Done To Collect Another Person's Tax Liability - Tax Authorities - United States
In a unanimous opinion, the US Supreme Court agreed with the government in Polselli v.
Treasury And IRS Release Long-Awaited Guidance On Direct Pay And Transferability Elections
On June 14, 2023, Treasury and the IRS released several important and highly-anticipated pieces of guidance regarding the monetization of certain renewable energy tax credits that were enacted by the Inflation Reduction Act and the CHIPS Act using so-called direct payment and transferability elections. The CHIPS Act enacted an advanced manufacturing investment credit under section 48D.
Sixth Circuit Holds IRS Wrongfully Cancelled Eaton's APAs
In a recent decision, the Sixth Circuit Court of Appeals held in Eaton Corp. v.
OECD Releases New Global Tax Reporting Framework for Cryptocurrency
On October 10, 2022, the Organisation for Economic Co-Operation and Development (OECD) released its new global tax reporting standards for cryptocurrency and other digital assets, the Crypto-Asset Reporting Framework (CARF) and Amendments to the Common Reporting Standard.[1] The CARF provides standards that, if adopted by jurisdictions, would require cryptocurrency exchanges, intermediaries, and other service providers to report to tax authorities required tax information related to certain...
New Bipartisan Senate Legislation Seeks to Address Cryptocurrency and Digital Asset Tax Issues
On June 7, 2022, Senator Cynthia Lummis (R-WY) and Senator Kirsten Gillibrand (D-NY) introduced the Responsible Financial Innovation Act (RFIA). This highly anticipated legislation is the first attempt at developing a comprehensive regulatory framework for cryptocurrency and digital assets. The RFIA builds off proposals introduced this Congress and includes a number of provisions related to securities and commodities regulation.
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