Inflation Reduction Act of 2022
Posted by Cory Van Deusen V on March 16, 2023
Inflation Is Reason for Changes to 2023 Tax Limits
February 14, 2023
So you can plan ahead, now is the time to consider these inflation increased 2023 tax limits that impact your personal financial circumstances.
Treasury, IRS Release Additional Information on Clean Vehicle Provisions of Inflation Reduction Act
February 14, 2023
The U.S. Treasury Department and the IRS on December 29, 2022, released information on the clean vehicle provisions of the Inflation Reduction Act. The new guidance provides greater clarity to consumers and businesses that, beginning January 1, 2023, are able to access tax benefits from the law’s clean vehicle provisions.
Inflation Reduction Act: Costs and Benefits for Real Estate & Construction
February 8, 2023
The Inflation Reduction Act’s (IRA’s) expansion of key energy efficiency tax incentives – such as the 179D energy efficient commercial buildings deduction and the 45L new energy efficient home credit – is anticipated to have a significant impact on real estate and construction industry. The legislation could provide a significant financial boost for firms looking to utilize environmentally conscious building materials and practices, potentially ushering in a new wave of progress in clean energy construction.
2023 Federal Tax Rate Guide
January 1, 2023
The following Federal Tax Rate Guide includes many of the most important 2023 federal tax amounts including capital gain tax rates, alternative minimum tax, estate and trust income tax rates, itemized deduction limits, many of these increased as a result of inflation.
Lumsden McCormick Releases 2022 Year-End Tax Planning Guides
December 14, 2022
Gain access to the latest tax information to assist with complex tax matters and strategies for integrated tax planning. Download and print the Lumsden McCormick 2022 Year-End Tax Planning Guides.
IRS Announces Inflation Adjusted Deductions and Tax Rates
November 16, 2022
From retirement contributions to adjusted tax rates and standard deductions, the IRS has announced 2023 tax information. Given inflation, these rates and deductions are higher than in previous years.
What the New Corporate AMT Means for Your Business
October 27, 2022
The new corporate alternative minimum tax (AMT) introduced by the Inflation Reduction Act will have significant implications for certain large corporations once the new tax becomes effective for tax years beginning after December 31, 2022. Corporations will need to calculate their applicable financial statement income (AFSI) for each of the prior three years to determine whether they are “applicable corporations.”
Inflation Reduction Act Doubles R&D Credit Payroll Tax Offset for Qualified Small Businesses
October 6, 2022
The Inflation Reduction Act (H.R. 5376), which President Biden signed into law on August 16, 2022, doubles the federal research and development (R&D) credit payroll tax offset for qualified small businesses.
Energy Tax Credits from the Inflation Reduction Act
September 1, 2022
If you’re interested in purchasing energy-saving property for your home or an electric vehicle, you may qualify for a tax break under the new Inflation Reduction Act. Here are the basic rules.
What Small Businesses Need to Know About the Inflation Reduction Act
September 1, 2022
The new Inflation Reduction Act provides small businesses with an incentive to increase their investments in research.
Senate Approves Inflation Reduction Act with Changes to Tax Provisions
August 18, 2022
Twelve days after Sens. Joe Manchin (D-WV) and Charles Schumer (D-NY) announced that they had reached agreement on a healthcare, climate and tax bill, the U.S. Senate on August 7 approved the Inflation Reduction Act on a party-line vote, with all 50 Democratic Senators voting for the legislation and all Republicans voting against it, and Vice President Kamala Harris casting the decisive 51st vote in favor.
Path to Passage of Inflation Reduction Act Clears with Sinema’s Announcement of Commitment to Vote for Bill
August 12, 2022
Senator Krysten Sinema (D-Ariz) announced late August 4 that she would support the Inflation Reduction Act, the Biden administration’s climate and healthcare bill, paving the way for passage of the bill on a party-line vote that would require a tie-breaking vote by Vice President Kamala Harris.
Proposed Inflation Reduction Act - Would Impose Corporate Minimum Tax, Carried Interest Changes
August 11, 2022
In what many see as an unexpected development, Senator Joe Manchin (D-W.VA.) on July 27 announced that he had reached an agreement with Senate Majority Leader Chuck Schumer (D-NY) on new legislation - the Inflation Reduction Act of 2022 - which is intended to address inflation by paying down the national debt, lower consumer energy costs while providing incentives for the production of clean energy, and reduce healthcare costs.
Carried Interest Taxation Changes Proposed in Inflation Reduction Act of 2022
August 11, 2022
Taxpayers should be aware that they may soon lose the advantage of long-term capital gain treatment in respect of carried interest should the Inflation Reduction Act of 2022 (2022 IRA) become law. The deal on a reconciliation package announced on July 27 by Senators Chuck Schumer (D-N.Y.) and Joe Manchin (D-W.Va.) would raise an estimated $739 billion in revenue, of which an estimated $14 billion would come from closing tax-advantaged provisions for carried interests.
Inflation is Here - What Now?
January 23, 2022
Concerns about the elevated inflationary environment continue to persist. There are numerous contributing factors such as a rapid increase in wages, energy prices and an imbalanced global supply chain with demand vs. supply for many goods and services far from equilibrium. To better understand these factors, it is important to first distinguish inflation from inflationary pressure. Inflation is typified by a sustained increase in the general price levels in an economy, while inflationary pressure is described as either a leading indicator of actual inflation or temporary pricing increases due to isolated or short-term events.
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Cory has over 20 years of experience providing tax and consulting services to commercial businesses and individuals. His expertise lies in the myriad of business development incentives offered by various federal, state, and local agencies to targeted industries such as Manufacturing, Software Development, Technology Companies and many other in order to encourage regional investment, spur job creation, and foster economic growth. The available incentives include refundable tax credits, tax abatements, grants, and forgivable loans. He has extensive knowledge of Start-Up NY, Opportunity Zones, the Excelsior Jobs Program, Qualified Emerging Technology Companies, and various local incentives such as Industrial Development Agency (IDA) benefits. Additionally, he spends his time providing services to Start-Up Companies ranging from a founder with an idea to multi-national tech companies that have raised hundreds of millions of dollars. Cory has experience in all areas of U.S. federal and NY State taxation. He has been with Lumsden McCormick since 2001, was named partner on January 1, 2015. He is a member of the Firm’s Executive Committee and is head of the commercial services group.