For most of 2022, it was doubtful that Congress would enact any tax legislation. However, Democrats were finally able to negotiate and pass the Inflation Reduction Act (IRA) in August 2022. This course summarizes the tax legislation embodied in the IRA permitting students to advise clients on how these changes can impact tax planning. This course is an overview providing reference to selected individual, business, and corporate tax provisions enacted, extended, or modified by the IRA. The resulting major tax changes carry special meaning to the tax practitioner and return preparer. The course emphasizes a general overview of energy tax credits and incentives, taxes and fees on fossil fuel, major features of the reinstated corporate AMT, electric vehicles, stock repurchases, and selected non-tax aspects of the legislation.
The course is intended to be a resource for tax professionals and staff alike to gain easy access to the most important major changes enacted by the IRA.
ASSIGNMENT
At the start of the materials, participants should identify the following
topics for study:
* Electric vehicle credit modifications and changes
* Home & residential tax credits, deductions & exclusions
* Renewable energy credits & incentives
* Research credit against payroll tax
* Limitation on excess business loss
* Repurchase of corporate stock
* Corporate alternative minimum tax
* Selected non-tax provisions
Learning Objectives
After reading the materials, participants will be able to:
1. Apply changes imposed by the Inflation Reduction Act (IRA) relating to credits allowed for the individual acquisition of qualified electric vehicles and energy-efficient home improvements and property.
2. Recognize a wide spectrum of renewable energy credits and the application of the prevailing wage and apprenticeship requirements.
3. Specify key IRA business and Medicare provisions, including energy-efficient buildings, corporate AMT, loss limits, and drug reforms.
