Congress has passed the Inflation Reduction Act, a bill that makes many economic changes and also contains tax implications. The White House says the package will address inflation in two key ways: by lowering energy and health care costs for families and by helping to bring down the deficit.

• To analyze the tax provisions of the Inflation Reduction Act.
• To inspect the other non-tax aspects of the bill.
• To identify other current trends in taxes such as Form 7203.
• To discuss tax credits for people switching to cleaner energy sources.
• To analyze how IRS will get a boost in funding, particularly to improve its customer service and tax enforcement.
• To discuss tax Increases for Corporations and Individuals.

The bill was the result of negotiations on the proposed Build Back Better Act, which had been reduced and comprehensively reworked from its initial proposal after receiving opposition from Manchin. It was introduced as an amendment to the Build Back Better Act and the legislative text was substituted.

The Inflation Reduction Act:

• Expands Medicare benefits
• Lowers energy bills
• Makes historic climate investment
• Lowers health care costs
• Creates manufacturing jobs
• Invests in disadvantaged communities
• Closes tax loopholes used by wealthy
• Protects families and small businesses making $400,000 or less

• Accountants
• Tax Preparers
• Human Resources Professionals
• Payroll Professionals

Note: You will get access to the Recording link and E-Transcript; in your account and at your registered email address.