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A deeper dive into the Inflation Reduction Act’s tax provisions

The new law’s provisions include new corporate taxes, additional IRS funding, and numerous tax incentives related to clean energy.

A closer look at tax items in the Inflation Reduction Act (podcast)

Adam Schrom, CPA, director of product management at Bloomberg Tax, examines the new corporate minimum tax, the stock buyback tax, implications of increased IRS funding, and more in this 27-minute JofA podcast.

Financial planning impacts of the Inflation Reduction Act

The act’s extension through 2025 of widened eligibility for the Sec. 36B premium tax credit and other health-care-related provisions carries implications for personal finances.

IRS relieves penalties for 2019 and 2020

In Notice 2022-36, the Service provided automatic relief from failure-to-file penalties for a range of tax and information returns.

AICPA asks IRS to expand penalty relief

In two comment letters to the IRS, the AICPA requested expansion, modification, and clarification of penalty relief in Notice 2022-36.

AICPA recommends changing cryptoasset question

The inquiry on Form 1040, U.S. Individual Income Tax Return, regarding taxpayers’ virtual currency transactions could benefit from simplification and better guidance than the form’s instructions currently offer, the AICPA suggests.

Proposed revisions to the AICPA tax standards

An exposure draft and invitation to comment are now available for three new proposed standards and updates and revisions to existing standards of the AICPA Statements on Standards for Tax Services.

Where to find November’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Get Clients Ready for Tax Season

This comprehensive report looks at the changes to the child tax credit, earned income tax credit, and child and dependent care credit caused by the expiration of provisions in the American Rescue Plan Act; the ability e-file more returns in the Form 1040 series; automobile mileage deductions; the alternative minimum tax; gift tax exemptions; strategies for accelerating or postponing income and deductions; and retirement and estate planning.