The reconciliation bill has gone through two name changes and lost many of its tax provisions, but there are still some significant items that will impact the upcoming planning season.
DESIGNED FOR
All CPAs who are involved in tax planning and tax return preparation
BENEFITS
Understand how the tax provisions in the Inflation Reduction Act of 2022 will impact your clients or your company.
HIGHLIGHTS
This session will look at which tax items remain in the Inflation Reduction Act, their effective dates and their impact on tax planning for 2022. Topics include:
- Additional funding being provided to the IRS
- 15-percent corporate minimum tax: which corporations are impacted
- Public corporation stock buy-back excise tax
- Extension of lowering of premium percentages and elimination of the 400-percent-of-poverty-level cliff for the premium tax credit through 2025
- Extension and expansion of business energy credits for clean energy and clean fuels
- Energy incentives for individuals including:
- Conversion of lifetime limits to annual limits on individual energy credits under IRC §25C
- Revisions to clean vehicle credit, including removal of sales unit limits on vehicles eligible for the credit and addition of limit based on modified adjusted gross income and manufacturer’s suggested retail price
- Creation of new credit for purchase of previously-owned clean vehicle
- Credit for qualified commercial clear vehicles
- Increase in payroll tax research credit for small businesses
COURSE LEVEL
Basic