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Introduction to The Inflation Reduction Act of 2022

  • Accountant
  • AFSP
  • CRTP
  • CFP (US)
  • CGFM
  • CPA (US)
  • EA
  • HRCI
  • ORTP
  • CPA/PFS
  • SHRM
  • ChFC
  • MRTP
  • FSCP
  • CASL
  • ChSNC
  • RICP
  • WMCP
  • CFIRS
  • CWS

Published: August, 2022

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • IRS funding
    4 mins
  • Corporate AMT
    14 mins
  • Excess business loss
    20 mins
  • Solar and Wind - Low income communities
    26 mins
  • Small business R&D Increased
    39 mins

Course Description

Congress has recently passed the Inflation Reduction Act and there are major impacts on the tax world. 

The bill includes provisions for IRS funding, along with major changes to large corporate taxation. In addition, several other provisions will have an impact on taxpayers that practitioners need to be aware of. There is also a ton of opportunity for taxpayers to invest in renewable energy items like solar and electric vehicles! 

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

This CPE webinar will cover all these major provisions and discuss how you can use them to help your clients and generate revenues!

Here are Links to your interest: IRS-Approved CE courses | CTEC Approved CE Courses

Learning Objectives

  • To analyze the tax provisions of the Inflation Reduction Act.
  • To inspect the other non-tax aspects of the bill.
  • 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.

Recommended For

  • This IRS-Approved CE course is recommended for CPAs, EAs, AFSPs, and Other Tax Professionals who are interested in understanding the major provisions of the Inflation Reduction Act.

Who Should Attend?

  • Annual Filing Season Program
  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Preparer
  • 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-1031)
  • 1 CE Credit of Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-01284-22-S)
  • 1 CE Credit of Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-01284-22-S)
  • 1 CE Credit of Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-01284-22-S)
  • 1 CPE Credit of Taxes for Certified Government Financial Manager (CGFM)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CPD Credit of Taxes for Personal Financial Specialist (PFS)
  • 1 PDC Credit for SHRM Professionals (Approval No. 22-V4N6G)
  • 1 CPE Credit of Taxes for Chartered Financial Consultant (ChFC)
  • 1 CPE Credit of Taxes for Financial Services Certified Professional (FSCP)
  • 1 CPE Credit of Taxes for Chartered Advisor in Senior Living (CASL)
  • 1 CPE Credit of Taxes for Chartered Special Needs Consultant (ChSNC)
  • 1 CPE Credit of Taxes for Retirement Income Certified Professional (RICP)
  • 1 CPE Credit of Taxes for Wealth Management Certified Professional (WMCP)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 CE Credit of Tax Planning for Certified Financial Planner (US) (Approval No. 305643)
  • 1 RCH Credit of HR (General) for Human Resource Certification Institute (HRCI) (Approval No. 602796)

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • 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

4.4

83 Ratings

Excellent

42

Very Good

35

Average

6

Poor

0

Terrible

0

SP

Sid Packer, CPA (US)

Aug 17th, 2022

Nothing to add

LN

Lottie Neal, Accountant

Oct 2nd, 2022

was encouraged to have the explanation of the Inflation Reduction Act since i vague heard about it

MM

Margaret Manley, CPA (US)

Sep 11th, 2022

Relevant topic and interesting presentation.

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