Inflation Reduction Act: Tax Implications

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: April 2023



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  

CPE Facts

Affiliation* CPE Awarded Delivery Method Field of Study Course ID Sponsor ID
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-00596-23-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.

Other Details
Last Revision April 2023
Course Expiration The CPE portion of this course expires one year from date of purchase
DrakeCPE Course Policies and CPE Affiliations