Inflation Reduction Act: Tax Implications

NEW!

The Inflation Reduction Act does what it says on the box – it targets inflation. But what else does it do? In this course you’ll learn how this new act addresses taxes on corporations and wealthy individuals, the provisions for clean energy, as well as how it provides additional funding for the IRS – and what that means for you and your clients.

Revision Date: September 2022

$15.00
Prerequisites

Prerequisites are not necessary to participate in this course and no advance preparation is needed.

Course Description

The Inflation Reduction Act contains many new tax-related provisions including increased IRS funding, the corporate alternative minimum tax, the excise tax on repurchase of corporate stock, and clean energy benefits. While many provisions of the Inflation Reduction Act are targeted towards wealthy individuals and large corporations, there are some provisions that have wide-ranging impact. This course will provide an overview of the main tax provisions included in the Inflation Reduction Act.

After completing this course, the learner will be able to:

  1. Identify how the Inflation Reduction Act provisions address the tax gap
  2. Identify the basic requirements of new tax-related provisions introduced by the Inflation Reduction Act including the corporate alternative minimum tax and the excise tax on repurchase of corporate stock
  3. Specify the permitted purposes of additional funds provided to the IRS by the Inflation Reduction Act  
Affiliation* CPE Awarded Delivery Method Field of Study Course ID Sponsor ID
CPE Facts
NASBA 1 Self-Study Taxes N/A 103137
CTEC 1/0 Self-Study Federal Tax Update 3038-CE-0291 3038
IRS 1 Self-Study Federal Tax Update FQTGU-U-00530-22-S FQTGU
Texas State Board of Accountancy 1 Self-Study Taxes 100401 002921
Pennsylvania State Board of Public Accountancy 0.5 Self-Study (Non-Interactive) Taxes N/A

* Individuals with other professional credentials should check with their state licensing board or accrediting organization to determine if this program meets their continuing education requirements.

Affilliation

 

Drake Software is an IRS-qualified sponsor of continuing professional education.

 
 

Drake Software 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.learningmarket.org

Drake Software has been approved by the California Tax Education Council to offer the Inflation Reduction Act course, CTEC #3038-CE-0287, which provides 1 hour of federal credit and 0 hours of state credit towards the annual continuing education requirement imposed by the State of California. 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, at (877) 850-2832, or at www.ctec.org.

 

Drake Software is registered with the Texas State Board of Public Accountancy as a CPE sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE program.

Course Policies

Send cancellation requests to Support@DrakeCPE.com. Requests must be made within 30 days of purchasing the course. To be granted a full refund, you must not have completed and earned continuing education for the course. No refunds will be issued after the course expiration date. For more information regarding the refund policy or to address concerns or complaints regarding courses, contact the DrakeCPE support team at Support@DrakeCPE.com.

Other Details
Last Revision September 2022
Course Expiration The CPE portion of this course expires one year from date of purchase