The Inflation Reduction Act of 2022 - Post OBBBA Self-Study Webinar

To give CPAs, tax and other financial professionals a detailed overview of the tax provisions included in the Inflation Reduction Act of 2022, which has made a tremendous impact on the taxes of their companies, as well as those of their clients.

DETAILED LEARNING OBJECTIVES

• Identify potential withholding tax benefits of multinational ownership structures

• Recognize tax considerations that may influence the ownership structure of foreign subsidiaries

• Identify the effect of legislative rescissions on IRS enforcement funding

• Identify the corporate alternative minimum tax rate applied to adjusted financial statement income

• Recognize entities excluded from the corporate alternative minimum tax

• Identify adjustments used to calculate adjusted financial statement income

• Identify the excise tax rate imposed on certain corporate stock repurchases

• Recognize exceptions to the stock repurchase excise tax

• Identify the maximum annual research credit that may be applied against payroll taxes

• Determine whether a business meets the gross receipts requirements for the research credit payroll tax election

• Identify clean energy credits subject to prevailing wage and apprenticeship requirements

• Identify the maximum clean vehicle credit and its applicable acquisition deadline

• Identify the construction deadline for qualifying carbon capture projects under Section 45Q

• Identify the former base credit amount and expiration date for the sustainable aviation fuel credit under Section 40B

• Identify the termination date for the residential clean energy credit under Section 25D

• 15% Minimum Tax on Large Corporations
   – Adjusted Financial Statement Income (AFSI)
• 1% Excise Tax on Stock Repurchases
  – Covered corporation
  – Redemptions
  – Specific affiliate
  – Foreign corporations
  – Exclusions
• Additional Funding for IRS Enforcement
• Energy Efficient Home Improvement Credit (EEHIC)
• Credits Related to New and Used Vehicles
• Extension of the Limitation on Net Business Losses for Individuals
• Modification to the Payroll Tax R&D Credit
• ACA Subsidies Extended
• Home and Building Credits
  – New Energy Efficient Homes
  – Commercial Buildings Section 45L and 179D
  – Low Income Housing Credits
• Climate Change Tax Incentives
  – Prevailing Wage and Apprenticeship Requirements (PWAR)
  – Energy community bonus credit
  – Domestic Content Requirement (DCR)
  – Clean Electricity Production Tax Credit (PTC)
  – Extension and Modification of the Energy Credit (ITC)
  – Low income solar/wind credit
  – Carbon oxide sequestration credit
  – Alternate fuels/biofuels
  – Sustainable aviation fuel
  – Clean hydrogen credits

Bill Briggs, Tax Partner, Stephano Slack LLC