Surgent's Summary and Analysis of the Inflation Reduction Act of 2022

Overview

In late 2022, Congress enacted the Inflation Reduction Act of 2022 (IRA), which provided many significant tax law changes tax practitioners should be knowledgeable about. This program will cover the tax legislation embodied in the IRA in detail so that those attending can properly advise their clients on if and how these various tax changes impact their individual and business planning.

Highlights

The 15% corporate tax
1% tax on the repurchase of corporate stock
Enhancement of IRS services
Prescription drug pricing reform, including drug price negotiation
Maximum out-of-pocket cap for Medicare beneficiaries
Extension of Affordable Care Act subsidies for certain individuals whose household income exceeds 400% of the poverty line
Clean energy and efficiency incentives for individuals
Energy efficient home improvement credit
Energy efficient commercial buildings deduction (Section 179D)
Extensions, increases, and modifications of the new energy efficient home credit
Clean vehicle credit and credit for previously owned clean vehicles
Qualified commercial clean vehicles
Transfers of certain credits to an unrelated transferee
Increase in research credit against payroll tax for small businesses

Prerequisites

None

Designed For

Accounting and finance professionals who need to advise clients on this legislation

Objectives

Be familiar with all aspects of the Inflation Reduction Act
Advise clients regarding individual and business planning related to this legislation