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.

Objectives

Be familiar with all aspects of the Inflation Reduction Act

Advise clients regarding individual and business planning related to this legislation

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

Designed For

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

Prerequisites

None

Preparation

None

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy. https://www.ctcpas.org/events/cpe-policies

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Jeffrey Snyder, Surgent McCoy CPE, LLC

Leader Bios

Jeffrey Snyder, Surgent McCoy CPE, LLC

Jeffrey C. Snyder, CPA Jeff Snyder, CPA is president of the J.C. Snyder Co., Inc., a professional accounting firm and Jeff Snyder, CPA LLC, a tax compliance and planning firm. He has been in the accounting profession for over 33 years. Since 1996, he is also a developer and presenter of continuing professional education for CPAs and other professionals. He combines his broad knowledge of accounting and tax concepts, along with his real life experiences into an energized teaching atmosphere that motivates his students to excel in learning and understanding complex issues. He consistently receives high evaluations from course participants and has great enthusiasm for teaching and training. In 2015, he received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills. In the mid-1990s, Snyder was an adjunct professor of accounting at Columbus State Community College and also led training for the American Institute of Banking. Snyder is an alumnus of The Ohio State University, where he received his undergraduate training in accounting and economics.

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