Wolters Kluwer Tax & Accounting:

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Does the New Corporate Alternative Minimum Tax Under the Inflation Reduction Act Apply? Follow the Infographic. (Graphic: Business Wire)

What: Congress has passed the Inflation Reduction Act of 2022, with the House voting on Friday, August 12, 2022. The legislation includes the largest tax breaks for clean energy ever enacted. It also includes tax breaks for health care. The legislation is paid for with a 15 percent corporate minimum tax on large corporations, a one percent tax on corporate stock buybacks, projected greater IRS collections from increased IRS funding, and changes to the Medicare rules which may help Medicare reduce what it pays for certain drugs. There is even some projected deficit reduction.

Who: Tax expert Mark Luscombe, JD, LL.M, CPA, Principal Federal Tax Analyst, for Wolters Kluwer Tax & Accounting, can discuss the tax changes made by the Inflation Reduction Act and its impact on taxpayers.

According to Mark: “The enhanced tax breaks available to individuals and businesses should make green vehicles and energy efficient homes and businesses much more economically attractive, as well as easier to plan for with significantly lengthened effective dates.”

Learn more about some of the changes outlined in this recently published Inflation Reduction Act of 2022 tax briefing from Wolters Kluwer Tax & Accounting.

Free webinar open to the public

Wolters Kluwer Tax & Accounting is also hosting a free webinar on the legislation on Wednesday, August 17, 2022, at 3:00 p.m. ET, sign up here.

Included in this 50-minute, CPE- and CE-eligible webinar:

• Provisions of the Act, and their potential tax implications
• How to field questions your clients may have about the various provisions
• Where the IRS funding is going and how it will be used

Media Contact:

To arrange an interview with Mark Luscombe or other federal and state tax experts from Wolters Kluwer Tax & Accounting on this or any other tax-related topics, please contact Kelly de Castro.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220815005176/en/

The enhanced tax breaks for individuals & businesses should make green vehicles and energy-efficient solutions economically attractive with significantly lengthened effective dates.