Highlights of the Inflation Reduction Act

Author: Annette Nellen

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

The Inflation Reduction Act (IRA) has provisions pertinent to many 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: December 2022

Topics Covered

• IRA 2022 Basics Plus Revenue Raisers
• Provisions Most Relevant to Individuals and Small Businesses
• BBB vs. IRA
• Looking Forward

Learning Objectives

• Identify how to explain the key tax provisions of the Inflation Reduction Act of 2022 applicable to individuals and small businesses
• Recognize the rationale for IRA 2022, what Build Back Better (BBB) items were omitted and what tax provisions might still be considered for 2022

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