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Inflation Reduction Act Summary

Course - Inflation Reduction Act Summary

Major Topics

  • 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

Learning Objectives

  1. 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.
  2. Recognize a wide spectrum of renewable energy credits and the application of the prevailing wage and apprenticeship requirements.
  3. Specify key IRA business and Medicare provisions, including energy-efficient buildings, corporate AMT, loss limits, and drug reforms.

Course Description

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.

Compliance Information

Intended Audience

Financial Professionals that help their clients with tax planning and tax compliance

Advanced Preparation

None

Field of Study

Taxes

Credits

2 Credits

Published Date

June 13, 2023

Revision Date

February 29, 2024

Course Authors

Danny Santucci

Huntington Beach, CA
Author, Santucci Publishing

Danny earned his Bachelor of Arts in Political Science from the University of California at Irvine in 1969. He received his Juris Doctorate from Boalt Hall School of Law, University of California at Berkeley in 1972, at which time he began practice as a tax attorney in Southern California. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines & Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders, in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning.

About Instructor Read Less

Overview

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 Details

  • 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

  1. 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.
  2. Recognize a wide spectrum of renewable energy credits and the application of the prevailing wage and apprenticeship requirements.
  3. Specify key IRA business and Medicare provisions, including energy-efficient buildings, corporate AMT, loss limits, and drug reforms.

Intended Audience — Financial Professionals that help their clients with tax planning and tax compliance

Advanced Preparation — None

Field of Study — Taxes

Credits — 2 Credits

IRS Program Number

Published Date – June 13, 2023

Revision Date – February 29, 2024

Course Authors

Danny Santucci

Huntington Beach, CA
Author, Santucci Publishing

Danny earned his Bachelor of Arts in Political Science from the University of California at Irvine in 1969. He received his Juris Doctorate from Boalt Hall School of Law, University of California at Berkeley in 1972, at which time he began practice as a tax attorney in Southern California. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines & Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders, in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning.

About Instructor Read Less

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