In its latest cost analysis of the Inflation Reduction Act (IRA), the Joint Committee on Taxation (JCT) forecasts that the bill will reduce the federal deficit by $90.7 billion over 10 years. The JCT said three-quarters of the bill’s deficit-cutting impact ($68.3 billion) is expected to occur within five years of enactment, from 2022 through […]

The Inflation Reduction Act imposes a new 15% corporate alternative minimum tax on the adjustable financial statement income of certain corporations. The tax will apply if it exceeds the taxpayer’s regular tax, including its base erosion and anti-abuse tax for the tax year. An applicable corporation for a tax year is one that meets an […]

Disasters happen. When they do, scammers go on the prowl, often looking for easy prey among two groups: disaster victims seeking help and taxpayers who would like to donate funds to help them. How can the public be sure that the person or agency they’re dealing with is legitimate? One red flag is unsolicited contact. […]

Does Your State Have a Marriage Penalty? https://bit.ly/3zVI804 

The U.S. Senate & House have passed the Inflation Reduction Act, before moving it to the president’s desk. The President signed the bill Tuesday.  Treasury Secretary Janet Yellen has advocated for the bill, stating it would “ease inflationary pressures” by lowering costs for energy, health care and prescription drugs. It will also provide needed resources […]

U.S. House Democrats have asked Treasury Secretary Janet Yellen and IRS Commissioner Chuck Rettig to review the tax status of the Family Research Council (FRC). The group has met IRS requirements to qualify as a church, but House Democrats say the FRC is an advocacy organization that shouldn’t be tax exempt. They argue that many […]

The Inflation Reduction Act has become law.  In it consumers may qualify for tax credits for purchasing electric vehicles and making certain energy-efficient home upgrades. The bill also authorizes healthcare subsidies and provides for Medicare to negotiate prescription drug prices. To secure support, Democrats removed the “carried interest loophole” provision and exempted some businesses from […]

The Congressional Budget Office (CBO) has estimated that the Inflation Reduction Act would cut federal spending by $14.5 billion and raise $87 billion in revenue, reducing government deficits by nearly $102 billion over 10 years. The figures are a yearly average based on the bill’s projected impact from 2022 through 2031, the CBO said. The […]