August 16, 2022
BREAKING TAX NEWS | President signs Inflation Reduction Act
Today, President Biden signed the Inflation Reduction Act (IRA) of 2022 (H.R. 5376), which finances climate and energy provisions and an extension of enhanced subsidies under the Affordable Care Act with a 15% corporate alternative minimum tax on adjusted financial statement income for corporations with profits over $1 billion, a stock buyback tax, a two-year extension of the excess business loss limitation through 2028, increased IRS enforcement funding, and Medicare's new ability to negotiate prescription drug prices.
Tax Alerts on the IRA are forthcoming.