Business Law

Business Law News ISSUE 3, 2023

BUSINESS TAX LAW CHANGES IN THE INFLATION REDUCTION ACT OF 2022

Written by Kenneth W. Minesinger, JD, Richard Ardito, CPA, and Riste Simnjanovski, D.P.A*

INTRODUCTION

After months of debate, Congress passed and President Biden signed into law on August 16, 2022, H.R. 5376, 117th Cong. (2022) more commonly known as the Inflation Reduction Act (hereafter, IRA) of 2022.01 The stated purpose of the IRA was to promote clean energy, reduce historically high inflation rates of up to 9.1%, reduce the cost of prescription drugs, and reduce the deficit. In addition to those highly publicized provisions, the IRA included many business and individual tax provisions. Although some consumer tax provisions will be briefly covered, this article will focus on the tax provisions affecting businesses, including many of the new taxes, credits, and deductions contained in the IRA.

CORPORATE ALTERNATIVE MINIMUM TAX

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