2022 Inflation Reduction Act and CHIPS Act Highlights (Completed)

Date: Monday, August 22, 2022
Instructor: Annette Nellen
Begin Time:  11:00am Pacific Time
12:00pm Mountain Time
1:00pm Central Time
2:00pm Eastern Time
CPE Credit:  1 hour for CPAs
1 hour Federal Tax Law Updates for EAs and OTRPs
1 hour Federal Tax Updates for CTEC

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 webinar 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.

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

  • Describe the rationale, cost and key tax provision of the CHIPS and Science Act
  • Identify the key tax provisions of the Inflation Reduction Act applicable to individuals and small businesses
  • Recognize how to explain the rationale for these Acts, what BBB items were omitted and what tax provisions might still be considered for 2022

Level
Update

Instructional Method
Group: Internet-based

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

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