Tax Changes in the Inflation Reduction Act of 2022Kess, SidneyCPA Journal
5376, the Inflation Reduction Act of 2022 (the Act) on Aug. 16, 2022. Within the Act are two significant overarching changes that alter the way tax credits are generally calculated and how certain taxpayers may claim the credits. First, the Act implements a ...
On August 16, 2022, President Biden signed the Inflation Reduction Act into law. The Inflation Reduction Act is designed to raise revenue by enacting changes to the tax law to pay for various programs including health care and climate change related items. These programs a...
Earlier today, the House of Representatives passed the Inflation Reduction Act of 2022 (the “Act”), which the Senate passed on August 7, 2022. President Biden has indicated that he will sign the Act into law. The Act substantially changes and expands existing federal income tax benefits...
The Inflation Reduction Act (IRA) removes the cap and allows the subsidy to be applied at the point of purchase, starting in 2024, so the sale price can be immediately reduced. ELECTRIC CAR SURVEY FINDS THIS AS THE BIGGEST REASON PREVENTING PEOPLE FROM BUYING THEM ...
The Inflation Reduction Act changes the existing payroll credit election for tax years beginning after December 31, 2022. Specifically, it increases the maximum allowable payroll credit election from $250,000 to $500,000 each year. However, the additional $250,000 credit can be used to offset ...
On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022, HR 5376 (the “Act”), into law. Among other significant changes, the Act includes a new 1% excise tax on stock repurchase transactions by certain publicly traded corporations (the “Excise Tax”)....
During a recent event, Omer Farooq, Head of Sustainable Asset Finance, Bank of America, explained key elements of the Inflation Reduction Act. Watch to learn about a sea change for businesses small, medium and large
The IRA changes the IRC Section 30D "new qualified plug-in electric drive motor vehicles credit" to a "clean vehicle credit." The clean vehicle credit is a dollar-for-dollar reduction of federal income taxes for new clean vehicles placed in service by...
The Inflation Reduction Act increases IRS funding, changes tax policy, and offers new and expanded tax credits.