Inflation Reduction Act : Tax, Economic, and Law Enforcement Implications


September 28, 2022


Daniel J. Pilla

  1:00 PM ET | 12:00 PM CT | 10:00 AM PT | 120 Minutes

* Not able to attend the live session? We can arrange an on-demand session for You. Please call 1-‪814-892-0304


This is an analysis of the Inflation Reduction Act, signed into law on August 16, 2022. This law will have profound effects on tax law enforcement. The IRS is to get $80 billion in additional funding, of which $46 billion will be dedicated to tax law enforcement. To that end, the agency is committed to hiring 87,000 additional employees. The administration claims that only those earning more than $400,000/yr will be targets of increased IRS enforcement action. However, Treasury Department documentation proves that sole-proprietorships, s-corporations and small partnerships will be the main targets.

We discuss exactly how and why small businesses will be targeted for the wave of enforcement to follow. We also examine the tax-increase proposals of the Inflation Reduction Act as they relate to corporations.

    Learning Objectives:

    • Exactly who will be targeted for enforcement action
    • The ratio of spending on enforcement vs. taxpayer assistance and education
    • Why small businesses are in fact the real targets of enforcement action
    • What small businesses and their tax counsel need to do to protect themselves from future audits
    • How the corporate Alternative Minimum Tax works
    • Explanation of other key business tax increase measures

    Major Topics:

    • The 15% corporate tax
    • 1% tax on the repurchase of corporate stock
    • Enhancement of IRS services
    • Prescription drug pricing reform, including drug price negotiation
    • Maximum out-of-pocket cap for Medicare beneficiaries
    • Extension of Affordable Care Act subsidies for certain individuals whose household income exceeds 400% of the poverty line
    • Clean energy and efficiency incentives for individuals
    • Energy Efficient Home Improvement Credit
    • Energy efficient commercial buildings deduction (Section 179D)
    • Extensions, increases, and modifications of the New Energy Efficient Home Credit
    • Clean Vehicle Credit and credit for previously owned clean vehicles
    • Qualified commercial clean vehicles
    • Transfers of certain credits to an unrelated transferee
    • Increase in Research Credit against payroll tax for small businesses

    Who Should Attend?

    Accountant Accounting Firm Accounting Managers Accounting Practice Owners Accounts Director Chief Accounting Officer Cloud Firms CPA - Large Firm CPA - Mid Size Firm CPA - Small Firm CPA in Business Enrolled Agent Entrepreneurial CPA Senior Accountant Staff of Accounting Firm Tax Accountant (Industry) Tax Attorney Tax Firm Tax Practitioners Tax Preparer Tax Pros Young CPA

    Credits and Other information:

    • Recommended CPE credit – 2.0 Tax Hours
    • Recommended field of study – Tax
    • Session Prerequisites and preparation: Basic
    • Session learning level: Basic to Intermediate
    • Location: Virtual/Online
    • Delivery method: Group Internet Based/Self-Study
    • NASBA Sponsor: 138804
    • IRS Course ID: DFFSC
    • Attendance Requirement:  Yes
    • Session Duration: 2 Hours
    • Case Studies and Live Q&A session with speaker
    • PowerPoint presentation for reference

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