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Tax Provisions in the Inflation Reduction Act of 2022

Description

The reconciliation bill has gone  through two names and lost most of its tax provisions, but there still some significant tax provisions that will impact the upcoming planning season.  Assuming the bill is signed into law, this session will look at which tax items remain in this bill, including the additional funding being provided to the IRS, large corporation 15% minimum tax, publicly traded corporation stock buyback excise tax, extension of the expanded access to the premium tax credit, extension and expansion of energy credits and more.  As well, we’ll look at the effective dates of the various provisions and consider their impact on tax planning for 2022.

This event will run between 55 and 75 minutes depending on the final version of the legislation. CPE credit will be adjusted accordingly.

Learning Objectives

This session will look at which tax items remain in this bill, including the additional funding being provided to the IRS, large corporation 15% minimum tax, publicly traded corporation stock buyback excise tax, extension of the expanded access to the premium tax credit, extension and expansion of energy credits and more.

Major Topics

Items to Be Covered Include:

  • 15% 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% 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
Provider
Idaho Society of CPAs
Course Level
Update
CPE Field of Study
Tax
1
Who Should Attend
  • All practitioners
Instructor(s)
Edward Zollars
Prerequisites

None

Advanced Preparation

None

Location
Webinar
Event Information
When
Aug 25, 2022
10:00 am - 11:15 am MDT
Location
Webinar
Total CPE Credits
1
Format
Webinar

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$25.00

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$40.00
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Tax Provisions in the Inflation Reduction Act of 2022


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