In this episode, Associate Director of Tax Services Kevin McNally explains how the Inflation Reduction Act will impact individual taxpayers.
The passage of the Inflation Reduction Act in 2022 ushered in new and expanded tax-saving opportunities for individuals and businesses that produce, adopt and/or invest in energy-efficient technologies, including wind, solar and geothermal power. This includes an extension of tax savings to commercial real estate property owners and, for the first time, real estate investment […]
On August 24, 2022, the Biden administration announced a three-point plan to cancel student loan debt for millions of eligible Americans and to extend the suspension of required federal student loan repayments that began at the start of the COVID pandemic. It is important taxpayers recognize that the plan does come with some restrictions and […]
The Inflation Reduction Act signed into law on Aug. 16, 2022, represents an investment of more than $430 billion in new federal spending to combat climate change, reduce consumers’ healthcare costs and lower the deficit. To help raise the revenue required to accomplish these goals, the bill includes a package of tax reforms impacting consumers […]
The sweeping Inflation Reduction Act approved by Congress and signed into law on Aug. 16, 2022, did not include any of the previously proposed restrictions to the beneficial tax treatment of carried interest typically paid to general partners, fund managers or others in connection with their performance. Consequently, qualifying taxpayers may continue to treat carried […]
During the last week of July, Democrats in the U.S. Senate introduced the Inflation Reduction Act of 2022, which provides a new package of spending and tax measures designed to decrease the federal deficit while expanding adoption of clean energy, health insurance coverage and IRS compliance efforts. Among the policy changes recommended to help pay […]