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Inflation Reduction Act: Changes to the R&D credit

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • MRTP
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

President Biden signed the Inflation Reduction Act on August 16, 2022, which introduces several tax changes, including increasing the R&D credit available against payroll tax for small businesses.

The R&D Tax Credit provides a payroll tax credit to companies that conduct “qualifying” research and development in the United States. This credit offsets payroll taxes, so even unprofitable startups can reduce their tax burden and improve their cash flow. It is currently the most important tax credit for startups in the US, and CPAs who serve VC-backed startups should be ready to discuss it with their clients.

The credit is roughly 10% of qualifying R&D and was capped at $250,000. The Inflation Reduction Act of 2022 increases this cap to $500,000, meaning that startups that meet the maximum will be able to reduce their payroll taxes by half a million dollars – a substantial amount!

This CPE Tax webinar will look at who can qualify for the R&D credit, along with the basic ways the credit functions. We will also determine how the Inflation Reduction Act impacts the credit and look at the other recent guidance provided by the IRS that will change how we file for the R&D credit.

The many tax provisions of the Inflation Reduction Act are complex and worth discussing to learn how they may impact your business or project. We will be monitoring the continued development of these new elements; be sure you're subscribed to receive our latest tax update webinars.

Learning Objectives

  • To determine if a taxpayer qualifies for the R&D credit.
  • To analyze the basic calculations with the credit.
  • To identify the changes to the credit from the Inflation Reduction Act.
  • To discuss how recent guidance from the IRS will impact filing for the R&D credit.

Recommended For

  • This IRS-Approved CE course is recommended for CPAs, EAs, AFSPs, and Other Tax Professionals who want to understand the changes in R&D credit because of the new Inflation Reduction Act.

Who Should Attend?

  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Certified Public Accountant (CPA)
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
  • 1 CE Credit of Federal Tax Law Update for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1045)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-01305-22-O)
  • 1 CE Credit of Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-01305-22-O)
  • 1 CE Credit of Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-01305-22-O)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Nicholas Preusch

Certified Public Accountant (CPA), Nicholas Preusch

Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the  AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).

Faq

FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Ratings and Review

4.7

20 Ratings

Excellent

14

Very Good

5

Average

1

Poor

0

Terrible

0

NJ

Nathan Jarvis, CPA (US)

Sep 1st, 2022

Good

DT

David Then, CPA (US)

Sep 18th, 2022

Great CPE

Inflation Reduction Act: Changes to the R&D credit

PREMIUM

1 Credit

Subject Area

Taxes

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