Auto and Energy-Related Tax Credits
2.00 Credits
Member Price $89
Non-Member Price $114
Overview
This course is offered in collaboration with multiple state societies and is hosted by the Indiana Society of CPAs.
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. For instance, did you know that the IRA brings back a credit for installation of electric car chargers? 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. It will cover the IRA changes related to electric car credits in detail, including the transition rules applying to clean vehicles purchased after the IRA's enactment and their subsequent application. After attending, practitioners will be able to effectively advise their individual and business clients about these newly available money-saving opportunities. Don't miss this chance to clearly enhance your practice.
Highlights
• The Energy-Efficient Home Improvement Credit • Residential Clean Energy Credit • The Alternative Fuel Vehicle Refueling Property Credit • Comparison of Section 25C and Section 25D credits • Changes to the Section 179D deduction • Prevailing wage and apprenticeship requirements • The new Energy Efficient Home Credit • The Clean Vehicle Credit • The Previously Owned Clean Vehicle Credit • The Qualified Commercial Clean Vehicle Credit • Application of written binding contracts • 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 • Transition rule for vehicles purchased before August 16, 2022
Prerequisites
None
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
Preparation
None
Leader(s):
Leader Bios
Jason Carney, Surgent McCoy CPE, LLC
Jason Carney, CPA, CISA, PMP, CISSP, CCSP, Esq. is a Lead Information Security Analyst with Thomson Reuters. He has more than 15 years of experience in public accounting, consulting and industry. His specialties include information security, tax problem resolution and data analysis. Carney has worked in Federal Finance, Information Security and Tax. He is a member of the Minnesota Bar and was a President’s Scholar at the University of Saint Thomas Law School. Carney co-founded the Scott County Conciliation Clinic and represents impoverished debtors pro bono in association with the Volunteer Lawyers Network. He wrote “What is Business Intelligence and Why Should CPAs Care?” for Footnote and contributed to the upcoming What Every Lawyer Needs to Know About Client Trust Accounts.
Non-Member Price $114
Member Price $89