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Tax & AccountingNovember 03, 2022
2022 Year-End tax planning
Planning strategies and techniques available through end of year
2022 has seen a continued return to stability from the impacts of the COVID-19 pandemic. Both businesses and individuals have almost totally returned to normal, though shifts in labor policies have led to big changes in the way people work and create personal balance.
The global economy, however, continues to feel the effects of the pandemic. Disruptions to supply chains, along with many other factors, led to high inflation in the last months of 2021 and throughout 2022. Many businesses and individuals have had to reckon with rapid price increases in raw materials, energy, and consumables.
In response to this issue, Congress passed the Inflation Reduction Act of 2022. While it is yet to be determined whether the legislation will lower inflation, many economists agree that the provisions of the bill won’t make inflation worse, unlike earlier stimulus bills passed in response to the pandemic. However, what the Inflation Reduction Act of 2022 does provide are many of the green energy proposals that were promised by President Joe Biden during his 2020 campaign and included in his Build Back Better Plan in 2021.
The Act provides investment in clean energy, promotes reductions in carbon emissions, and extends popular Affordable Care Act premium reductions. The Act is primarily paid for through the implementation of a 15 percent corporate minimum tax and budget increases for the Internal Revenue Service to close the “tax gap.”
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