Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2025 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Two bills with tax provisions made their way through Congress to the President’s signature pen in August! The first one - the CHIPS and Science Act, is a bipartisan bill to address the chip shortage and supply chain concerns via R&D funding including a new Advanced Manufacturing Investment Credit. The second bill - the Inflation Reduction Act (IRA) of 2022 has provisions pertinent to most taxpayers.
This course focuses on the IRA tax provisions most relevant to individuals and small businesses including energy credits for homes and vehicles, expanded availability of the Premium Tax Credit for health insurance, and increased research credit for start-up businesses. Comparisons to the Build Back Better Act passed in the House in November 2021 and the President's tax proposals are also noted along with what additional tax changes we might see this year from Congress.
Publication Date: August 2022
Topics Covered
- Key tax provision of the CHIPS and Science Act
- Key tax provisions of the Inflation Reduction Act applicable to individuals and small businesses
- Rationale for these Acts, what BBB items were omitted and what tax provisions might still be considered for 2022
Learning Objectives
- Identify the key tax provisions of the Inflation Reduction Act of 2022 applicable to individuals and small businesses
- Describe the rationale, cost and key tax provision of the CHIPS Act of 2022
- Recognize how to explain the rationale for these Acts, what BBB items were omitted, and what tax provisions might still be considered for 2022
- Describe which Subtitle of the Inflation Reduction Act of 2022 relates to prescription drug pricing reform
- Identify the amount to enforcement the new $80 billion in IRS funding allocates
- Recognize what amount for vans, SUVs, and pickup trucks the Clean Vehicle Credit includes as an MSRP credit limitation
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
Practitioners at all levels who are looking for a way to efficiently stay on top of key federal developments.
Advance Preparation
None
Instructor
Annette Nellen
Annette Nellen, CPA, CGMA, Esq., is a professor in and director of San Jose State University's graduate tax program (MST), teaching courses in tax research, accounting methods, property transactions, advanced individual taxation, employment tax, ethics, leadership, and tax policy.
Annette chairs the AICPA Digital Assets Tax Task Force and serves on the AICPA Disaster Relief Tax Task Force. She formerly served on the AICPA Tax Executive Committee, including 2.5 years as chair. She was the lead author of the AICPA tax policy concept statement #1, Guiding Principles of Good Tax Policy: A Framework for Evaluating Tax Proposals (2001, updated 2017), still in use today. Annette is also active with the tax sections of the ABA, CalCPA and California Lawyers Association. Annette is the recipient of the 2013 Arthur J. Dixon Memorial Award given by the Tax Division of the AICPA, the highest award given by the accounting profession in the area of taxation. In 2019, Annette was the recipient of the CLA’s Benjamin F. Miller Award for outstanding achievement and contribution in the field of state and local taxation law. Annette was included in Accounting Today's 2024 List of the Most Influential People in Accounting.
Annette is a regular contributor to Tax Notes State, authoring a column called Moving Forward? She is the author of Bloomberg BNA Tax Portfolio #533, Amortization of Intangibles. She is co-author and co-editor of four tax textbooks from Cengage. Annette has testified before the House Ways & Means Committee, Senate Finance Committee, California Assembly Revenue & Taxation Committee, and tax reform commissions and committees on various aspects of federal and state tax reform. She maintains the 21st Century Taxation website and blog (www.21stcenturytaxation.com). Prior to joining SJSU in 1990, Annette was with Ernst & Young and the IRS.