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 Reduction Act (IRA) in August 2022. This course summarizes the tax legislation embodied 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 resulting major tax changes carry special meaning to the tax practitioner and return preparer. The course emphasizes a general overview of energy tax credits and incentives, taxes and fees on fossil fuel, major features of the reinstated corporate 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.

Course Level: Overview. This program is appropriate for professionals at all organizational levels.

Field of Study: Taxes

Prerequisite: General understanding of federal income taxation.

Advanced Preparation: None


Learning Assignment & Objectives

As a result of studying the assigned materials, you should be able to meet the objectives listed below.

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

   Apply changes imposed by the Inflation Reduction Act (IRA) relating to credits allowed for the individual acquisition of qualified electric vehicles and energy-efficient home improvements and     property.
   Recognize a wide spectrum of renewable energy credits and the application of the prevailing wage and apprenticeship requirements.
   Specify key IRA business and Medicare provisions, including energy-efficient buildings, corporate AMT, loss limits, and drug reforms.

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
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