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.
Course Publication Date:
March 22, 2023
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$20.00!
| Author: | Paul Winn |
| Course No: | TAX-INFL-12023 |
| Recommended CPE: | 2.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Taxes
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Learning Objectives
- Identify the energy-efficient home improvements for which a taxpayer may apply for a tax credit.
- Calculate the tax credit available for energy-efficient home improvements.
- Describe qualified energy property.
- Apply the tax credit rules applicable to the installation of qualified energy property.
- Describe a clean vehicle eligible for an electric vehicle tax credit.
- Apply the rules governing electric vehicle purchase tax credits.
- Recognize the limitations and requirements applicable to tax credits available for new and previously-owned electric vehicles.
- Compare the tax credits available for new and previously-owned clean vehicles.
- Identify the maximum MAGI beyond which a taxpayer is ineligible for a new or previously-owned clean vehicle tax credit.
- Recognize the amount of the tax credits available for installation of an electric vehicle charging station.
- Describe the applicable requirements for eligibility for a charging station tax credit.
- Apply the penalties applicable to a business taxpayer’s violation of the prevailing wage requirements in constructing an electric vehicle charging station.
- Calculate the penalty applicable to a taxpayer’s failure to meet the apprentice requirements in the construction of a qualified alternative fuel vehicle refueling station.
- Recognize the taxpayers for whom the expanded premium tax credit is available under the Inflation Reduction Act.
- Calculate the amount of the premium assistance tax credit available to taxpayers.
- Describe the duration of the limitation on noncorporate business losses provided under the Inflation Reduction Act.