The Inflation Reduction Act of 2022 - Post OBBBA Self-Study Webinar

To give CPAs and other tax professionals a detailed overview of the tax provisions included in the Inflation Reduction Act of 2022 and how the passage of the OBBBA impacted those provisions.

SPEAKER:

Bill Briggs, Tax Partner, Stephano Slack LLC

DETAILED LEARNING OBJECTIVES

• Identify major provisions excluded from the Inflation Reduction Act of 2022

• Recall the total amount of IRS funding authorized under the IRA

• Understand how subsequent legislation and OBBBA reduced IRS enforcement funding

• Recall the Corporate AMT rate imposed on Adjusted Financial Statement Income

• Recognize which entities are excluded from the Corporate AMT

• Identify adjustments required to calculate Adjusted Financial Statement Income

• Recall the excise tax rate imposed on corporate stock repurchases

• Recognize transactions exempt from the stock repurchase excise tax

• Recall the increased cap for the R&D payroll tax credit under the IRA

• Identify eligibility tests for businesses claiming the R&D payroll tax credit

• Recognize which energy credits require prevailing wage and apprenticeship compliance for bonus rates

• Recall the maximum credit amount under the Clean New Vehicle Credit

• Recall the extended construction deadline for the Carbon Oxide Sequestration Credit under the IRA

• Recall the base per-gallon credit amount for the Sustainable Aviation Fuel Credit

• Recall the extended expiration year for the Residential Clean Energy Credit

• 15% Minimum Tax on Large Corporations
  – Adjusted Financial Statement Income (AFSI)
  – Minimum tax aggregation 
  – OBBBA changes to base erosion/anti-abuse minimum tax
  – OBBBA changes to international minimum tax (GILTI)
• 1% Excise Tax on Stock Repurchases
  – Covered corporation
  – Redemptions
  – Specific affiliate
  – Foreign corporations
  – Exclusions
• Funding Changes to the IRS 
  – Enforcement
  – Business system modernization
  – Office of Tax Policy functions
  – OBBBA changes
• Section 461(I) Extension & Compliance
• Energy Efficient Home Improvement Credit (EEHIC)
• Credits Related to New and Used Vehicles
• Direct Pay Credits Compliance
• Energy Credit Changes Under OBBBA
• Limitation on Net Business Losses
• R&D Payroll Tax Credit
• ACA Subsidies
• Home & Building Credits
• Climate Change Tax Incentives

Bill Briggs, Tax Partner, Stephano Slack LLC