2022 Tax Legislation: Inflation Reduction Act and CHIPS Act

Author: Allison McLeod

In a surprise twist, the Inflation Reduction Act (IRA) was passed in short order after secret negotiations were revealed in late July, 2022. Seismic changes in tax legislation are currently taking place, and the well-informed tax practitioner will want to attend this two hour program in order to stay abreast of these developments! This course will provide a concise look at these hot topics.

Publication Date: August 2022

Designed For
Corporate tax and finance executives, directors, managers and staff, CPAs, CAs Enrolled Agents, accountants, attorneys and business/financial advisors who work with and advise businesses that have these tax implications. All in-house and public practice tax professionals will benefit from this timely and insightful seminar.

Topics Covered

• Inflation Reduction Act of 2022
  • The new 15% corporate AMT
  • Electric Vehicle Credits
  • Clean Commercial Vehicle Credits
  • 1% tax on the repurchase of corporate stock
  • Excess Business Losses
  • Clean Energy Tax Credits
  • Energy Efficient Home Improvement Credit
  • Energy Efficient Commercial Buildings Deduction (Section 179D)
  • New Credits
  • Research Credits for Small Businesses
  • Excise Taxes on Fossil Fuels
  • Green Property Depreciation
  • Additional Funding for the IRS
  • Transfers of certain credits to an unrelated transferee
• Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act of 2022

Learning Objectives

• Identify the newest tax developments contained in in the Inflation Reduction Act of 2022
• Describe the new and extended credits available for green energy initiatives
• Recognize which taxpayers and assets qualify for credits for purchasing electric personal vehicles and clean commercial vehicles
• Recognize the implications of increased IRS funding
• Identify the newest tax developments contained in the CHIPs Act of 2022
• Recognize effective and efficient techniques for implementing new standards
• Recognize how much the IRA of 2022 is scored to reduce the deficit by
• Identify the first source with respect to the financial statement that must be used as the starting point for the AMT
• Recognize how much the Act appropriates for the IRS to provide taxpayer and other services

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of tax preparation.

Advance Preparation
None