Event Description

The Inflation Reduction Act, H.R. 5376) as passed by the Senate on 08/07/22 and by the House on 08/12/22) contains several economic and tax implications.  This course will highlight tax rule and policy changes. Topics include a 15% corporate AMT on certain corporations; a 1% tax on the repurchase of certain corporate stock; enhanced funding for the IRS; affordable care act subsidies including an extension through 2025 of the rule to allow a credit to taxpayers whose household income exceeds 400% of the poverty line; clean energy and efficiency incentives for individuals including an extension, increase and modifications of  the nonbusiness energy property credit renamed the energy efficient home improvement credit; residential clean energy credit; energy efficient commercial buildings deduction; extension, increase, and modifications of new energy efficient home credit; clean vehicle credit including a credit for previously-owned clean vehicles; credit for qualified commercial clean vehicles; increase in research credit against payroll tax of small businesses; adjustments to the limitation rules for the deduction for state and local taxes; and extension of limitation on excess business losses of non-corporate taxpayers.(LIVE VIDEOCONFERENCE)

Designed For

CPA, EA, Attorney, CFP, or other practitioners with 2 or more years of work experience and some familiarity with the subject matter

Objectives

Prepare participants to accurately discuss with clients,  the salient provisions of the Inflation Reduction Act of 2022.

Major Subjects

15% corporate AMT on certain corporations  a1% tax on the repurchase of certain corporate stock Affordable Care Act subsidies including an extension through 2025 of the rule to allow a credit to taxpayers whose household income exceeds 400% of the poverty line  Clean energy and efficiency incentives for individuals including an extension, increase and modifications of  the nonbusiness energy property credit;  residential clean energy credit; energy efficient commercial buildings deduction; extension, increase, and modifications of new energy efficient home credit; clean vehicle credit including a credit for previously-owned clean vehicles; credit for qualified commercial clean vehicles  Increase in research credit against payroll tax of small businesses Adjustments to the limitation rules for the deduction for state and local taxes Extension of limitation on excess business losses of noncorporate taxpayers. 

Prerequisites

None

Instructions

None