Baby, You Can Drive My (Electric) Car

As a matter of public policy, states, municipalities, and local utilities are making a concerted effort to encourage electric vehicles (EVs). While the programs in place are largely targeted to consumers, it is important for manufacturers to know about EV tax credits, even if the benefits are indirect. The benefits include tax credits and rebates on EV purchases, as well as incentives for the purchase and installation of charging stations and other infrastructure.

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Practical Guidance Updates 
Featuring the latest updates from your Practical Guidance account.    

• Tax Key Legal Developments Tracker (Federal)
• Stay informed on new developments: 
  • Business Entities. IRS provides a waiver of the addition to tax under I.R.C. Section 6654 for underpayment of estimated income tax by qualifying farmers and fishermen. Notice 2022-13.
  • Individual Income Tax. IRS provides: (1) two tables of limitations on depreciation deductions for owners of passenger automobiles placed in service by the taxpayer during calendar year 2022; and (2) a table of dollar amounts that must be used to determine income inclusions by lessees of passenger automobiles with a lease term beginning in calendar year 2022. Rev. Proc. 2022-17.
  • Practice, Procedure, and Controversy.
• The Office of Professional Responsibility (OPR) announces recent disciplinary sanctions involving attorneys, certified public accountants, enrolled agents, enrolled actuaries, enrolled retirement plan agents, and appraisers. Announcement 2022-5, I.R.B. 2022-11.
• Document alerts allow you to stay current on legal developments that affect your practice. Find out how to set up your document alerts.
• Check out the new Practical Guidance Author Center! Learn about the 1500+ leading attorney authors contributing to our 20 practice areas, and find out how you can Become a Practical Guidance Author.
• The Practical Guidance Journal Spring 2022 Edition features guidance for employers on COVID-19 vaccination, testing, and employee health data protection; climate change disclosure market trends; and updates related to the Secured Overnight Financing Rate (SOFR).
• New and Recently Updated Practical Guidance Content
  • A “No Surprises” Act Approach to Taxation of Settlements for Employment Claims
  • KPMG Report: Reminder about Partnership Reporting for Tax Year 2021
  • Sole Proprietorships and Schedule C
  • Transfer Pricing Global Considerations: IRC Section 482 Allocations
  • Reconciling Tax and Book Income
  • Year-in-Review List of Federal Tax Developments for 2021

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