Tax regulations

The Treasury Department and the Internal Revenue Service released final rules for the Clean Electricity Investment and Production Tax Credits in Sections 45Y and 48E of the Tax Code.

The change would come as part of the first big amendments to Circular 230 since 2014.

The Internal Revenue Service issued final regulations for sales and exchanges of digital assets on the new Form 1099-DA for decentralized finance brokers, along with transition relief.

Experts expect 'scattershot, unhelpful reporting' of crypto assets and transactions for the first few years with the 1099-DA.

The proposed instructions relate to filing for the research credit.

A new IRS revenue procedure is applicable for some research or experimental expenses.

If enacted, the regs would require practitioners to maintain a certain level of technological competence, among other things.

The optional standard mileage rate for automobiles driven for business will increase 3 cents next year.

Final regulations on clean energy partnership credits, raised 401(k) limits and more from the Internal Revenue Service in November.

The Inflation Reduction Act extended the tax incentives for clean energy development project developers, and the new rules add more clarity.