On August 16, 2022, the Inflation Reduction Act (IRA), legislation designed in large part to lower consumer energy costs and provide economic incentives to reduce the human impact on climate change, became law. Among other provisions, the new law provides multiple tax incentives for taxpayers to:
- Make energy efficient home improvements;
- Purchase electric vehicles; and
- Afford health insurance coverage.
This course addresses the provisions of the Inflation Reduction Act most likely to be of interest to tax preparers. In so doing, it examines the tax credits available for energy-efficient home improvements, for purchase of new and used electric vehicles, for electric car charging and natural gas powered car fueling devices, and clean energy generation. In addition, it discusses the expanded health insurance premium tax credits and the extension of the limitation of noncorporate taxpayer excess business losses.
No advance preparation needed
Program Level – Basic
Program prerequisites – None
Delivery method – QAS self-study
Recommended CPE credits – 2
Recommended field of study – Taxes
Course Learning Objectives
- Calculate the tax credits available for taxpayers’ energy-efficient home improvements;
- Describe the tax credits available for the purchase of electric vehicles;
- Recognize the requirements and tax rules applicable to electric vehicle tax credits;
- Identify rules and limitations applicable to the qualified refueling property credit;
- List the clean energy and efficiency incentives;
- Apply the rules applicable to the expanded health insurance premium tax credit; and
- Recognize the limitation of noncorporate taxpayer excess business losses.
Copyright 2024 by Winn Publications ALL RIGHTS RESERVED. NO PART OF THIS COURSE MAY BE REPRODUCED IN ANY FORM OR BY ANY MEANS WITHOUT THE WRITTEN PERMISSION OF THE COPYRIGHT HOLDER. All materials relating to this course are copyrighted by Winn Publications. Purchase of a course includes a license for one person to use the course materials. Absent specific written permission from the copyright holder, it is not permissible to distribute files containing course materials or printed versions of course materials to individuals who have not purchased the course. It is also not permissible to make the course materials available to others over a computer network, Intranet, Internet, or any other storage, transmittal, or retrieval system. This document is designed to provide general information and is not a substitute for professional advice in specific situations. It is not intended to be, and should not be construed as, legal or accounting advice which should be provided only by professional advisers. No advance preparation needed Program Level - Basic Program prerequisites - None Delivery method - QAS self-study Recommended CPE credits - 2 Recommended field of study - Taxes
