Inflation Reduction Act Archives

Capitol Corner

The Super Bowl of Tax

Congress has been gearing up and preparing for 2025 in what is expected to be a monumental year for tax legislation – the “Super Bowl of Tax.” With changes made by the Tax Cuts and Jobs Act of 2017 (TCJA) scheduled to expire at the end of n... Thad Inge, Samantha Ford, and Michelle McCaughey

Winter 2024, Capitol Corner, TCJA, Tax Cuts and Jobs Act, advocacy, §199A, SALT, additional child tax credit, ACTC, CTC, child tax credit, adjusted gross income, AGI, Robert T. Stafford Disaster Relief and Emergency Assistance Act, premium tax credit, PTC, Inflation Reduction Act, §401, specified service trade or business, SSTB, federal poverty level, FPL, New Market Tax Credit, NMTC, empowerment zone, work opportunity tax credit, WOTC, Revenue Procedure 2021-18

Feature Article

2023 Energy Credits Updates and Planning

Changes made in the Inflation Reduction Act (IRA) of 2022 have created new planning opportunities for tax professionals and their clients. As enrolled agents (EAs), we need to be aware of these changes in order to better s... Patrick Knightly, EA

Winter 2023, Feature Article, s corporation, IRA, Form 8978, child tax credit, adjusted gross income, AGI, Inflation Reduction Act, §25C, residential clean energy credit, §25D, Form 5695, retirement savings contribution credit, elderly, disabled, mortgage interest credit, first-time homebuyers’ credit, ENERGY STAR®, International Energy Conservation Code, IECC, Form 8908, Form 3800, Schedule K

Capitol Corner

IRS 2023 and Beyond: Transition and Transformation

It is no secret that when Danny Werfel was confirmed as Commissioner of the Internal Revenue Service (IRS) in March 2023 the agency was facing difficult times. Customer service had been struggling since the beginning ... Michelle McCaughey, Thad Inge, and Samantha Ford

Winter 2023, Capitol Corner, IRS, IRA, Form 1040, Centralized Authorization File, CAF, Form 941, employee retention tax credit, ERTC, Inflation Reduction Act, Electronic Tax Administration Advisory Committee, ETAAC, Form 940, Form 941SSPR

Capitol Corner

Policy in Action: What NAEA Is Fighting For

Every year, the National Association of Enrolled Agents (NAEA) works to develop policy priorities that reflect the intersection of what enrolled agents (EAs) are facing in their everyday practices and the realities of where we as an a... Michelle McCaughey, Thad Inge, Samantha Ford

Fall 2023, Capitol Corner, COVID-19, Form 1040, American Rescue Plan Act, PayPal, Taxpayer Protection and Preparer Proficiency Act, Form 1099-K, Venmo, Inflation Reduction Act, Government Accountability Office, H.R. 4184

Feature Article

The $80 Billion Question

On November 10, 2022, President Joe Biden nominated Danny Werfel to succeed Chuck Rettig as Commissioner of Internal Revenue.i Danny—or more formally, Daniel I.—Werfel testified on February 15, 2023, before the Senate Finance Committee, led by C... Robert Kerr, EA

Mar/Apr 2023, Feature Article, Internal Revenue Service, IRS, commissioner, Inflation Reduction Act, Werfel confirmation hearing, IRS Restructuring and Reform Act of 1998, 26 USC §7803(1)(B))

What Is — and Isn’t — Included in the Inflation Reduction Act of 2022

Feature Article

What Is — and Isn’t — Included in the Inflation Reduction Act of 2022

The Inflation Reduction Act of 2022 (IRA) was signed into law by President Biden on Aug. 16, 2022. It has been championed by the administration and Congress as the most sweeping climate and energy reform in history, altho...

Mar/Apr 2023, Feature Article, s corporation, The Tax Cuts and Jobs Act, COVID-19, IRA, real estate, Inflation Reduction Act, corporate alternative minimum tax, AMT, §451(b)(3), §56A, adjusted financial statement income, AFSI, private equity, short-term capital gain, STCG, long-term capital gain, LTCG, §1061, §4501

Success or Failure at the IRS: What Will Make the Difference?

Capitol Corner

Success or Failure at the IRS: What Will Make the Difference?

For the first time, Congress has provided substantial long-term funding for the IRS. The unprecedented rebuilding program, which includes $80 billion of IRS funding over 10 years under the Inflation Reduction Act (IRA, P.L. 117-... Charles O. Rossotti

Mar/Apr 2023, Capitol Corner, Internal Revenue Service, IRS, compliance, IRA, Schedule K-1, Form 1099, Inflation Reduction Act, Return Review Program, Treasury Inspector General for Tax Administration, TIGTA

IRS Tax Examinations in the Past and Future and the Impact of the Inflation Reduction Act on the IRS’s Audit Activities

Feature Article

IRS Tax Examinations in the Past and Future and the Impact of the Inflation Reduction Act on the IRS’s Audit Activities

In June 2011, Internal Revenue Service (IRS) Commissioner Shulman warned that the proposed cuts of $2 billion to the IRS’s budget in the United States House-passed fiscal 2012 budget resolution could have a long-term impact on taxpayer compliance. Notwithstanding the commissioner’s warni... Marcus Dyer, CPA

Jan/Feb 2023, Feature Article, data, compliance, research, FinCEN, IRA, Inflation Reduction Act, examination, tax return, Taxpayer Compliance Measurement Program, TCMP, Office of Compliance Analytics, OCA, Applied Analytics, and Statistics, RAAS

Tax Credit Bonanza: Benefits in the Inflation Reduction Act

Feature Article

Tax Credit Bonanza: Benefits in the Inflation Reduction Act

The Inflation Reduction Act (IRA) of 2022 uses dozens of tax credits to move the United States towards energy efficiency and clean energy development. Five of these credits will be essential to know for client tax planning and advi... Thomas Gorczynski, EA, USTCP

Jan/Feb 2023, Feature Article, IRA, modified adjusted gross income, MAGI, electric vehicle, Inflation Reduction Act, §30D, Notice 2016-51, clean vehicle credit, Clean Air Act, §30B(b)(3), §30D(d)(1)), manufacturer’s suggested retail price, MSRP, §25E, §38, §45W, §4053(8), §25C, residential clean energy credit, §25D, §48E, §45Z, §45Y, clean fuel production credit, clean electricity investment credit, clean electricity production credit, renewable electricity production credit, energy investment credit, carbon oxide sequestration credit, second generation biofuel credit, sustainable aviation fuel credit, clean hydrogen production credit

Capitol Corner

2023: The Sleeping Giant Is Awake!

We have been good soldiers. We have been compliant. And for too long we have accepted the status quo for the appalling customer service at the Internal Revenue Service (IRS). 2023 will be a critical year on many levels for tax policy and tax administration for the... Michelle McCaughey and Thad Inge

Jan/Feb 2023, Capitol Corner, advocacy, IRA, Inflation Reduction Act

Editor's Message

Looking Forward to 2023

I am excited about 2023 – are you? There is much opportunity in our profession if you ask me. Demand for our services is high, and the supply of qualified tax professionals is decreasing. This gives us the opportunity to be selective about selec... Thomas Gorczynski, EA, USTCP

Jan/Feb 2023, Editor's Message, TCJA, Tax Cuts and Jobs Act, practice management, IRA, Inflation Reduction Act

Inching Back to Normalcy…and Some Big Wins, Too

Capitol Corner

Inching Back to Normalcy…and Some Big Wins, Too

Following several difficult years for tax professionals, big wins were realized in 2022 for several of the National Association of Enrolled Agents’ (NAEA’s) top policy priorities: protecting the enrolled agent (EA) credential, funding t...

Nov/Dec 2022, Capitol Corner, IRS, advocacy, IRA, Inflation Reduction Act