The Inflation Reduction Act of 2022 features a number of important provisions that may affect your company’s future taxes, as well as those of your clients. This substantial legislation also addresses the negotiation of drug prices by Medicare, as well as climate change incentives. In this self-study webinar, prominent tax professionals will discuss the Act, and explain its various tax provisions, including:
- 15% Minimum Tax on Large Corporations
- Carried Interest Loophole
- 1% Excise Tax on Stock Repurchases
- Additional Funding for IRS Enforcement
- Extension of the Limitation on Net Business Losses for Individuals
-
Climate Change Tax Incentives
...and more
To give tax and financial professionals a detailed overview of the tax provisions included in the new Inflation Reduction Act of 2022, which may affect the future taxes of their companies, as well as those of their clients.
SPEAKERS:
Michael D'Addio, Principal, Marcum LLP
Jill Scher, Partner, Business & Tax Services, Marcum LLP
-
15% Minimum Tax on Large Corporations
- Adjusted Financial Statement
Income (AFSI) - Carried Interest Loophole
-
1% Excise Tax on Stock Repurchases
- Covered corporation
- Redemptions
- Specific affiliate
- Foreign corporations
- Exclusions - Additional Funding for IRS Enforcement
- Extension of the Limitation on Net Business Losses for Individuals
- Modification to the Payroll Tax R&D Credit
- ACA Subsidies Extended
-
Climate Change Tax Incentives
- Prevailing Wage and
Apprenticeship Requirements
(PWAR)
- Energy Community Bonus Credit
- Domestic Content Requirement
(DCR)
- Clean Electricity Production Tax
Credit (PTC)
- Low income solar/wind credit
- Carbon oxide sequestration
- Alternate fuels/biofuels
- Sustainable aviation fuel
- Clean hydrogen credits
- Commercial buildings
- Nonbusiness/individual clean
energy credits
- Clean vehicle credits -
What’s Not in the Bill
- No changes to:
- Carried interest rules
- SALT deduction limitation
- Estate and gift tax rules
- Qualified small business stock
exchange
- No increase to tax rates on
capital gains for high earners,
or corporate income tax
- No limitation on benefit of like-
kind exchanges
• Identify the corporations subject to the new corporate AMT
• Recognize the assessment rate of the new corporate excise tax on the repurchase of stock
• Recognize the constraints surrounding the increased funding for the IRS
• Recognize the extended applicability date of the Section 461(l) excess business loss limitation for non-corporate taxpayers
• Identify the legislation’s domestic content threshold requirement for receipt of expanded clean energy credit
• Identify the conditions under which an entity can receive an expanded clean electricity production tax credit (PTC)
• Recognize the maximum Section 30D credit available to purchasers of an electric drive vehicle under the legislation