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New IRS Guidance on Obtaining Refunds for Net Operating Loss Carrybacks, Corporate AMT Carryforward Credits and Filing Amended Returns for Partnerships

The Energy Law

116-136, enacted modifications to the rules for the use of net operating losses (“ NOLs ”) and corporate alternative minimum tax carryforward credits (“ AMT Carryforward Credits ”) for tax years beginning after December 31, 2017 and before January 1, 2021. The amended Form 1065 may be filed electronically to accelerate processing.

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Amendment to Louisiana’s Risk Fee Statute That Allows For Notices After Spudding Is Awaiting Governor’s Signature

The Energy Law

30:10, which governs unit operations in the absence of a joint operating agreement. Effective upon signature of the Governor, the Louisiana Legislature will have amended the Risk Fee Statute, La. The amendment is contained in Senate Bill No. 388, and would make the changes summarized below.

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Maritime Industry COVID 19 Update

The Energy Law

How Should I Change My Operations during the Pandemic? What Changes Should I Make to Employee Operations? Coast Guard Has Announced a Series of Requirements and Operational Changes through Marine Safety Information Bulletins. How Should I Change My Operations at Port? Yes, the U.S.

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IRS Updates Guidance on Temporary Procedures to Fax Forms 1139 and 1045 to Obtain Quick Tentative Refunds due to NOL Carrybacks and Accelerated Use of AMT Carryforward Credits

The Energy Law

Bradford, New IRS Guidance on Obtaining Refunds for Net Operating Loss Carrybacks, Corporate AMT Carryforward Credits and Filing Amended Returns for Partnerships ( the “ Prior Blog Post ”). [1] Individual Income Tax Return ( “ Form 1040-X ” ) will be processed when normal IRS operations resume.

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USCG Updates Guidance on Safer Seas Act Compliance, Continuing to Show Strict Interpretation and Enforcement of Its Requirements

The Energy Law

Most provisions of the Safer Seas Act became enforceable as soon as the Act was passed, meaning vessels and operators already need to be following the requirements for reporting, signage, crew training, SMS updates, and master key control systems. The Coast Guard advises that all applicable vessels have a documented system in place.

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Guidance and Relief for Retirement Plans Due to the COVID-19 Pandemic

The Energy Law

Good faith delivery includes use of electronic means where the plan fiduciary reasonably believes participants have effective access, including email, text messages, and continuous access websites.

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Days of Repentance: Israeli attack on Iran and impact on oil prices

Crude Oil Futures

During the second stage, a plane specialized in electronic warfare, is thought have jammed the formidable, Russian-made S-300 anti-aircraft system along with other less formidable Russian-made air defences as well as those of Iran. As usual, Israel has been tight-lipped about the way they carried out the attack.

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