Event Description

The Inflation Reduction Act (IRA) contains many changes to auto and energy-related credits as well as new credits and old credits that have been renamed. Many if not most of these credits reduce the cost of individual- and business-related expenses. As a result of the changes brought about by the IRA, tax advisors have a full set of new and reformed credits to understand and explain to their clients. This program covers the mechanics of all the new and revised energy-related credits clients will be asking about, such as credits related to personal autos, energy-efficient commercial vehicles, and household-related utilities and improvements. This program will cover the new IRA changes related to electric car credits in detail so that those attending can properly advise their individual and business clients. The program will also cover the transition rules applying to clean vehicles purchased after enactment.

Designed For

Accounting and finance professionals who need to advise clients on these new credits

Objectives

Be familiar with all aspects of the credits emanating from the IRA Advise clients regarding individual and business planning related to these credits

Major Subjects

The Energy-Efficient Home Improvement Credit Residential Clean Energy Credit Changes to the Section 179D deduction The new Energy Efficient Home Credit The Clean Vehicle Credit The Previously Owned Clean Vehicle Credit The Qualified Commercial Clean Vehicle Credit Transfers of certain credits to an unrelated transferee Increase in Research Credit against payroll tax for small businesses What special rules apply to auto credits purchased after enactment How a purchaser of an energy-efficient auto claims the credit

Prerequisites

None

Instructions

None