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The reconciliation bill has gone through two names and lost most of its tax provisions, but there are 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.
OSCPA has partnered with the Idaho Society of CPAs for this event.
Receive up-to-date information on the tax provisions in the Inflation Reduction Act of 2022.
- 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
If you would like to register for this event, please contact OSCPA at 800-255-1470, 503-641-7200, or email email@example.com.
Edward K. Zollars, CPA-AZ is a partner in the Phoenix, Arizona CPA firm of Thomas, Zollars & Lynch, Ltd. He has been practicing for the last 36 years in the areas of taxation of individuals and closely held business. Ed is also an author and speaker for Kaplan Professional Education, Inc., handling tax related continuing education courses for CPAs. He also authors tax articles appearing on Kaplan's Current Federal Tax Developments website and presents a weekly audio and video update on tax developments.