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Course Details

Inflation Reduction Act Summary (Course Id 2074)

Updated / QAS / Registry / EA
  Add to Cart 
Author : Danny C Santucci, JD
Course Length : Pages: 29 ||| Word Count: 11,764 ||| Review Questions: 10 ||| Final Exam Questions: 10
CPE Credits : 2.0
IRS Credits : 2
Price : $17.95
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents
Technical Designation: Technical
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 2074

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.

Usage Rank : 38889
Release : 2023
Version : 1.0
Prerequisites : General understanding of federal income taxation.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 06-Jul-2023
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 2074

Keywords : Taxes, Inflation, Reduction, Act, Summary, cpe, cpa, online course
Learning Objectives :

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

ASSIGNMENT
    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:
    After reading the materials, participants will be able to:
      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 require-ments.
      3. Specify key IRA business and Medicare provisions, including energy-efficient buildings, corporate AMT, loss limits, and drug reforms.
Course Contents :

Chapter 1 - Inflation Reduction Act Summary

Inflation Reduction Act of 2022

Electric Vehicle (EV) Credit Modified - §30D

Inflation Reduction Act - Modified §30D for Clean Vehicles

Critical Minerals Requirement - §30D(b)(2) & §30D(e)(1)(A)

Battery Components Requirement - §30D(b)(3) & §30D(e)(2)(A)

Final Assembly Requirement - §30D(d)

Transition Rule for Vehicles Purchased before August 16, 2022

Vehicles Acquired after August 16, 2022 & before December 31, 2022

Written Binding Contract

Credit for Used Clean Vehicles - §25E

Energy Efficient Home Improvement Credit - §25C

Efficiency Improvements

Efficient Property

Maximum Credit

Inflation Reduction Act

Modifications

Credit Eligible Costs

Residential Clean Energy Credit - Modified §25D

Inflation Reduction Act

Biomass Fuel

Energy Efficient Home Credit - Modified §45L

Credit Value

Inflation Reduction Act

Homes

Multifamily Dwellings

Renewable Energy Credits

Prevailing Wage & Apprenticeship Requirements

Prevailing Wage - Act §13101(f)(7)

Apprenticeship - Act §13101(f)(8)

Additional Increases to “Base” & “Bonus” Credits - Act §13103

Domestic Content

Energy Communities

Low Income Communities

Energy Tax Credits As Payments - §6417

Alternative Fuel Refueling Property Credit - §30C

Qualified Refueling Property

Expiration

Inflation Reduction Act

Credit Value

Low Income or Rural Areas

Prevailing Wage & Apprenticeship Requirements

Extension of Credits for Alternative Fuels - §40A et al

Inflation Reduction Act

Sustainable Aviation Fuel (SAF) Credit - §40B

Sustainable Aviation Fuel

Qualified Mixture

Credit Value

Production Tax Credit (PTC) - §45

Expiration

Inflation Reduction Act

Credit Value

Prevailing Wage & Apprenticeship Requirements

Domestic Content

Energy Community

Carbon Capture & Sequestration Credit Enhancements - §45Q

Inflation Reduction Act

Qualifying Threshold

Credit Value

Zero-Emission Nuclear Power Production Tax Credit - §45U

Qualifying Facilities

Credit Value

Clean Hydrogen Production Tax Credit - §45V

Credit Value

Applicable Percentage

Prevailing Wage & Apprenticeship Requirements

Qualified Commercial Clean Vehicles - New §45W

Credit Value

Eligible Vehicles

Advanced Manufacturing Production Tax Credit - §45X

Credit Value

Phase Out

Clean Electricity Production Credit - New §45Y

Credit Value

Prevailing Wage & Apprenticeship Requirements

Domestic Content

Phase out

Clean Fuel Production Credit - §45Z

Credit Value

Investment Tax Credit (ITC) - §48

Credit Value

Prevailing Wage & Apprenticeship Requirements

Domestic Content Requirement

Solar & Wind Facilities

Advanced Energy Project Credit - §48C

Inflation Reduction Act

Eligible Projects

Credit Value

Prevailing Wage & Apprenticeship Requirements

Clean Electricity Investment Credit - §48E

Credit Value

Phase Out

Energy Community

Domestic Content

Coordination With Other Code Sections

Energy Efficient Commercial Building Deduction - Modified §179D

Inflation Reduction Act

Deduction Value

Prevailing Wage & Apprenticeship Requirements

Retrofit Plan

Research Credit Against Payroll Tax - §41

Qualified Expenses

Base Credit Amount

Alternative Simplified Credit

Credit Toward Payroll Tax

Qualified Small Business

Inflation Reduction Act

Credit Value

Limitation On  Excess Business Losses - §461(l)

Disallowance Of Excess Business Losses

Excess Business Loss

Inflation Reduction Act

Repurchase of Corporate Stock - §4501

Inflation Reduction Act

Application Exceptions

Corporate Alternative Minimum Tax - Modified §55

Inflation Reduction Act - §55(b)(2)

Adjusted Financial Statement Income

Application of Tax

Foreign Parented Multinational Groups - §59(k)(2)(A)

Black Lung Disability Trust Tax Rate - §4121

Hazardous Substance Superfund - §4611

Enhancement of IRS Resources

Inflation Reduction Act - Act §10301

Other Provisions

Government Drug Price Negotiations.

Inflation Reduction Act

Phased Schedule

Exemptions

Penalty

Drug Price Inflation Rebates.

2021 Base Year

Medicare Part D Reforms.

Trump-era Rebate Rule Delay

Affordable Care Act (ACA) Subsidy Extension

 

Glossary

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