What did the 2022 Inflation Reduction Act do? Q.What did the 2022 Inflation Reduction Act do? A.After attempts to pass President Joe Biden’s Build Back Better agenda stalled in Congress, lawmakers in the latter part of 2022 enacted scaled-back legislation that increased taxes on large corporations and investors, established several tax incentives aimed at addressing climate change, and increased the IRS’s budget to improve tax compliance and enforcement. Read more about What did the 2022 Inflation Reduction Act do?
How did the Tax Cuts and Jobs Act change business taxes? Q.How did the Tax Cuts and Jobs Act change business taxes? A.The Tax Cut and Jobs Act made significant changes to the corporate income tax and taxes on pass-through businesses. While the individual income tax provisions and pass-through provisions expire after 2025, many of the other business tax provisions are permanent. Read more about How did the Tax Cuts and Jobs Act change business taxes?
How did the Inflation Reduction Act of 2022 affect the IRS’s budget? Q.How did the Inflation Reduction Act of 2022 affect the IRS’s budget? A.In 2022’s Inflation Reduction Act (IRA), Congress provided the IRS with additional funding of nearly $80 billion through 2031. Nine months later, however, Congress and the White House agreed to reduce the IRA funds by $21.4 billion. Read more about How did the Inflation Reduction Act of 2022 affect the IRS’s budget?