Business Tax Update and Planning Strategies (BTUP)

Robert C. Lickwar, CPA, Karen E. Davis, EA, Julie A. Welch, CPA, CFP, Michael J. Tucker, JD, CPA (moderator)
  • 3
  • Update
  • Taxes

Individual course: $94
Best Value: All-Star Tax Season Pass
Volume Discounts: Click here for details.

Overview

The enactment of the Inflation Reduction Act (IRA) in August presents tax practitioners with new challenges that impact businesses.  In this course, the panelists will cover in detail changes relating to certain energy credits and deductions relating to energy efficiency, applicable to many businesses.  In addition, the course will touch on changes to the Alternative Minimum Tax and the stock buyback 1% tax.

Major Topics:

  • Inflation Reduction Act changes impacting business
  • Brief outline of the new Alternative Minimum Tax and the 1% tax on corporate stock buybacks
  • Increase in the research credit
  • Extension of the Section 461(l) loss limitation
  • Discussion of the unchanged rules relating to carried interest
  • The IRA’s two-tier “base” rate and “increased” rate structure for renewable energy tax credits
  • Credit for purchasing a qualified commercial clean vehicle
  • Restrictions imposed on Electric Vehicle Manufacturers
  • Section 179(d): changes relating to the energy-efficient commercial building deduction
  • Section 45(l): changes relating to the energy efficient home credit
  • Transferring energy credits for auto purchases to dealers
  • Purchase/sale of credits
  • Expansion of subsidies for climate-friendly agriculture
  • Changes to bonus depreciation after 2022

Learning Objectives

  • Advise clients on business-related tax changes for 2022

Any tax practitioner who will be preparing business-related income tax returns for 2022

A basic understanding of individual income tax rules

None

Yes

Yes

Varies by state. Check back soon for details