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 Reduc-tion Act (IRA) in August 2022. This course summarizes the tax legislation em-bodied 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 re-sulting major tax changes carry special meaning to the tax practitioner and re-turn preparer. The course emphasizes a general overview of energy tax credits and incentives, taxes and fees on fossil fuel, major features of the reinstated cor-porate 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.
Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless otherwise indicated, no correct or incorrect feedback for any exam question will be provid-ed.
Course Level: Overview. This program is appropriate for professionals at all or-ganizational levels.
Field of Study: Taxes
Prerequisite: General understanding of federal income taxation.
Advanced Preparation: None
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Learning Assignment & Objectives
As a result of studying the assigned materials, you should be able to meet the ob-jectives listed below.
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) relat-ing 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 ap-plication of the prevailing wage and apprenticeship requirements.
3. Specify key IRA business and Medicare provisions, including ener-gy-efficient buildings, corporate AMT, loss limits, and drug reforms.
After studying the materials, answer exam questions 1 to 10.
Notice
This course and test have been adapted from materials and information contained in the above text and any supplemental material provided. This course is sold with the understand-ing that the publisher is not engaged in rendering legal, accounting, or other professional ad-vice and assumes no liability whatsoever in connection with its use. Since laws are constantly changing, and are subject to differing interpretations, we urge you to do additional research and consult appropriate experts before relying on the information contained in this course to render professional advice.
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