Renewable Energy Tax Credits: Green Energy Saving Greenbacks

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Renewable Energy Tax Credits: Green Energy Saving Greenbacks

By Admin

July 20, 2021

The new Biden administration is clearly signaling that renewable energy will be a key focus of its plan going forward. For example, the Biden administration has set a goal to deploy 30 gigawatts of offshore wind generation capacity by the year 2030. Therefore, it can be expected that tax advisors will be seeing more questions about renewable energy tax incentives as investment in the sector increases. A large driver of investment in renewable energy is…

Guidelines for Protecting Privilege in Tax Cases

By Admin

July 14, 2021

Lawyers, tax or otherwise, understand that privileged information must be protected to encourage a full and frank dialogue between clients and their attorneys. Tax information, in particular, contains some of the most private information for both individuals and businesses. Gray Reed attorneys Joshua D. Smeltzer, David Gair and Larry Jones recently published an article in the Journal of Tax Practice & Procedure (a quarterly scholarly journal published by CCH Inc.) examining privilege before a dispute…

Texas Court Re-iterates the Need For Clearly Defined Contract Terms

July 14, 2021

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Co-author Rees LeMay* In Apollo Exploration, LLC v. Apache Corp., Texas’ 11th Court of Appeals analyzed several provisions of purchase and sale agreements in a complex oil and gas transaction and demonstrated a measured, text-centered approach to the interpretation of contract language. Significant parts of the holding hinged on the Court’s reference to defined terms in the contracts, highlighting the importance that contracting parties clearly clarify contract terminology. The lesson for the scrivener is…

Field Examinations with the IRS

By Larry Jones

July 13, 2021

Field examinations involve returns with more complex issues, thereby requiring examination by someone more knowledgeable in the field of accounting and the Internal Revenue laws. Field examinations are conducted by Revenue Agents and are normally performed at the taxpayer’s place of business where the Revenue Agent can examine the taxpayer’s books and records and decide on the taxpayer’s correct taxable income and correct tax liability. The Revenue Agent is supposed to make an appointment with…

Understanding IRS Rules on Passive Activity Losses

By Joshua Smeltzer

July 7, 2021

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Several abusive tax shelters in the 1970s and 1980s caused Congress to enact rules to prevent taxpayers from deducting losses when a taxpayer doesn’t materially participate in the activity. These passive loss rules apply to individuals (including partners and S Corp shareholders), trusts, estates, personal service corporations and sometimes closely held corporations. In short, these rules are a wide net that catches a lot of businesses and can impact a lot of taxpayers. If an…

Texas Court Applies Amended Citizens Participation Act to a Lease Dispute

July 6, 2021

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Co-author Rusty Tucker Howard, et al. v. Matterhorn Energy, LLC, et al. [6th Dist.] May 4, 2021 considered the Texas Citizens Participation Act as amended, effective on September 1, 2019. Background The lessors leased their minerals in 1,100+ acres in Harrison County to Matterhorn. To induce the deal, Matterhorn several representations to the lessors and agreed to a continuous development program. The lease required lessors to give 60 days’ notice of a breach before filing…

Tax Foreclosure on Royalty Did Not Include Possibility of Reverter

July 1, 2021

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Co-author Rusty Tucker Ridgefield Permian, LLC, et al. v. Diamondback E & P LLC, et al. addresses the scope of a property interest foreclosed upon by a tax suit in Reeves County, Texas. In this post we will shortcut the complicated facts and discuss the takeaways. The rules are what you need. Royalty interests that were subject to an oil and gas lease were foreclosed upon and sold by the sheriff. The lease then terminated.…

Tips for Negotiating with the IRS

By Larry Jones

June 29, 2021

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While dealing with the IRS generally involves submitting documents or legal authority to support a client’s position, in most cases the element of negotiating is present. Negotiating becomes particularly important in dealing with the IRS where documentation may not exist, or the law is in the gray area. Most practitioners will find that when dealing with the Examination Division, Appeals Office, and Collection Division, negotiating skills and techniques are helpful in resolving issues in…

Supreme Court Introduces Totality of the Circumstances Test for Implied Ratification