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Inflation Reduction Act (Course Id 2073)

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Author : Paul Winn, CLU, ChFC
Course Length : Pages: 30 ||| Word Count: 13,785 ||| Review Questions: 7 ||| Final Exam Questions: 10
CPE Credits : 2.0
IRS Credits : 2
Price : $17.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 2073

Description :

On August 16, 2022, the Inflation Reduction Act (IRA), legislation designed in large part to lower consumer energy costs and provide economic incentives to reduce the human impact on climate change, became law. Among other provisions, the new law provides multiple tax incentives for taxpayers to:

  • Make energy efficient home improvements;
  • Purchase electric vehicles; and
  • Afford health insurance coverage.

This course addresses the provisions of the Inflation Reduction Act most likely to be of interest to tax preparers. In so doing, it examines the tax credits available for energy-efficient home improvements, for purchase of new and used electric vehicles, for electric car charging and natural gas powered car fueling devices, and clean energy generation. In addition, it discusses the expanded health insurance premium tax credits and the extension of the limitation of noncorporate taxpayer excess business losses. 

Usage Rank : 0
Release : 2022
Version : 1.0
Prerequisites : None.
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 : 23-Sep-2022
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 - Technical - NASBA Registry - IRS Enrolled Agents - 2073

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

Course Learning Objectives

After completing this course, students should be able to:
  • Calculate the tax credits available for taxpayers’ energy-efficient home improvements;
  • Describe the tax credits available for the purchase of electric vehicles;
  • Recognize the requirements and tax rules applicable to electric vehicle tax credits;
  • Identify rules and limitations applicable to the qualified refueling property credit;
  • List the clean energy and efficiency incentives;
  • Apply the rules applicable to the expanded health insurance premium tax credit; and
  • Recognize the limitation of noncorporate taxpayer excess business losses.

Chapter 1
Energy-Efficient Home Improvement Provisions

When you have completed this chapter, you should be able to:
  • Identify the energy-efficient home improvements for which a taxpayer may apply for a tax credit;
  • Calculate the tax credit available for energy-efficient home improvements;
  • Describe qualified energy property; and
  • Apply the tax credit rules applicable to the installation of qualified energy property.

Chapter 2
Electric Vehicle Purchase Incentives

When you have completed this chapter, you should be able to:
  • Describe a clean vehicle eligible for an electric vehicle tax credit;
  • Apply the rules governing electric vehicle purchase tax credits;
  • Recognize the limitations and requirements applicable to tax credits available for new and previously-owned electric vehicles;
  • Compare the tax credits available for new and previously-owned clean vehicles; and
  • Identify the maximum MAGI beyond which a taxpayer is ineligible for a new or previously-owned clean vehicle tax credit.

Chapter 3
Refueling Property Provisions

When you have completed this chapter, you should be able to:
  • Recognize the amount of the tax credits available for installation of an electric vehicle charging station;
  • Describe the applicable requirements for eligibility for a charging station tax credit;
  • Apply the penalties applicable to a business taxpayer’s violation of the prevailing wage requirements in constructing an electric vehicle charging station; and
  • Calculate the penalty applicable to a taxpayer’s failure to meet the apprentice requirements in the construction of a qualified alternative fuel vehicle refueling station.

Chapter 4
Inflation Reduction Act Miscellany

When you have completed this chapter, you should be able to:
  • Recognize the taxpayers for whom the expanded premium tax credit is available under the Inflation Reduction Act;
  • Calculate the amount of the premium assistance tax credit available to taxpayers; and
  • Describe the duration of the limitation on noncorporate business losses provided under the Inflation Reduction Act.
Course Contents :

Course Learning Objectives

Course Introduction

Chapter 1 - Energy-Efficient Home Improvement Provisions

Chapter Learning Objectives

Introduction

Energy-Efficient Home Improvement Credit

Qualified Energy Efficiency Improvements

Energy Efficient Building Envelope Component

Tax Credit Limitations

Qualified Energy Property

Heat Pumps and Heat Pump Water Heaters

Biomass Stoves and Boilers

Oil Furnace and Hot Water Boilers

Panelboard, Circuity Replacements or Improvements

Residential Energy Property Expenditures

Eligible Fuel

Home Energy Audits

Special Rules Applicable to the Energy Efficient Home Improvement Credit

Subsidized Energy Financing

Tax Credits Reduce Taxpayer’s Basis

Product Identification Number Required

Qualified Manufacturer/Identification Number

Effective Dates

Summary

Chapter 1 Review Questions

Chapter 2 - Electric Vehicle Purchase Incentives

Chapter Learning Objectives

Introduction

Tax Credits for Purchase of Electric Vehicles

Clean Vehicle

New Clean Vehicle

Additional Defined Terms

Calculating Available EV Tax Credits

New Clean Vehicle Tax Credits

Critical Materials Requirement

Battery Component Manufacture/Assembly Requirement

Income-Based EV Tax Credit Limitations

Manufacturer’s Suggested Retail Price Affects Tax Credit Eligibility

Transfer of Credit

Tax Treatment of Payments

Special Rules

Other Requirements

Effective Date

Previously-Owned Clean Vehicle

Previously-Owned Clean Vehicle Tax Credits

Income-Based EV Tax Credit Limitations

Qualified Sale

Qualified Buyer

Definition of Motor Vehicle; Capacity

Application of Certain Rules

Transfer of Credit

Tax Treatment of Payments

Effective Date

Summary

Chapter 2 Review Questions

Chapter 3 - Refueling Property Provisions

Chapter Learning Objectives

Introduction

Qualified Refueling Property Credit

Maximum Credit Increased

Definitions and Limitations

Qualified Alternative Fuel Vehicle Refueling Property

Eligible Census Tract

Wage and Apprenticeship Requirements – Increased Credit Amount

Project Requirements

Prevailing Wage Requirements

Correction and Penalty Related to Failure to Satisfy Wage Requirements

Underpayment Correction

Underpayment Penalty

Apprenticeship Requirements

Apprentice To Journeyworker Ratio

Minimum Number of Apprentices

Exception to Apprentice Requirement

Good Faith Effort

Labor Hours Defined

Refueling Property may be Bidirectional

Summary

Chapter 3 Review Questions

Chapter 4 - Inflation Reduction Act Miscellany

Chapter Learning Objectives

Introduction

Premium Tax Credit Expansion

American Rescue Plan

Inflation Reduction Act

Refundable Tax Credits to Assist in Purchase of Qualified Health Plan

Eligibility for Credit

Federal Poverty Level

Qualified Health Plan

Amount of the Credit

Benchmark Plan

Taxpayer’s Expected Contribution

Household Income

Modified Adjusted Gross Income

Calculating the Credit

Limitation on Losses for Non-Corporate Taxpayers

Summary

Chapter 4 Review Questions

Glossary

CPE Taxes Course: https://www.cpethink.com/tax-cpa-courses
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