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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 - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| 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:
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 : | 24667 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Credits and Deductions Under the 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 : | 07-Feb-2024 |
| 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 - 2073 |
| Keywords : | Taxes, Inflation, Reduction, Act, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives After completing this course, students should be able to:
Chapter 1
Chapter 2
Chapter 3
Chapter 4
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| 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 New Clean Vehicle Tax Credit Checklist Previously-Owned Clean Vehicle Previously-Owned Clean Vehicle Tax Credits Income-Based EV Tax Credit Limitations Qualified Sale Qualified Buyer Used Clean Vehicle Tax Credit Checklist 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 |
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