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| 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 : | 35455 |
| Release : | 2023 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Inflation Reduction Act of 2022
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| 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
* 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
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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