The Inflation Reduction Act includes a two-year extension of the excess business loss (EBL) rules under Section 461(l). The EBL rules created a limitation on the amount a noncorporate taxpayer can deduct from a pass-through entity or sole proprietorship. Under the Tax Cuts and Jobs Act, th...
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
To learn more about how provisions in the Inflation Reduction Act of 2022 could impact your organization, contact your Moss Adams professional. You can also see the most updated tax planning strategies related to these changes on ourTax Planning Resourcespage....
Biden semi-successfully expands the burden of government –The president was able to push through several bad proposals, such as the so-called Inflation Reduction Act and some cronyist subsidies for the tech industry. Nothing nearly as bad as his original “build back better” scheme, but noneth...
Now that the Senate has approved the Inflation Reduction Act, the next stop is for the bill to pass in the House of Representatives. Tax and finance executives need to understand what made it into the new bill and its implications for their organizations. (Hint: No changes to SALT deduction...
The Inflation Reduction Act includes $80 billion of additional funding over ten years for the IRS. The idea is that the funds could help improve tax compliance, which in turn, could bring in an estimated $203 billion in increased revenue. ...
Trump and various Republican leaders have proposed to repeal the tax credits and incentives enacted as part of the Inflation Reduction Act (IRA). Businesses may considerreprioritizing or otherwise altering their plansfor these types of projects to try and maximize the benefits as...
Businesses question what the future may hold for the clean energy production and investment tax credits enacted under the Inflation Reduction Act. 04 Dec 2024 Aruna Kalyanam Prospects for budget reconciliation in 2025 If either political party sweeps both Congress and the White House, they may ...
On August 16, 2022, the Inflation Reduction Act of 2022 (the “IRA”) was enacted into law. Among other changes to the Internal Revenue Code of 1986, as amended (the “Code”), the IRA imposes an excise tax on certain repurchases of corporate stock ...
A late modification also allows for the reduction of AFSI by depreciation from property under IRC Section 167. Direct pay amounts are generally disregarded for purposes of the calculation. (see Tax Alert 2022-1237). Implications: Overall, many of the IRA...