Inflation Reduction Act

Things to Know-

• Corporations with at least $1 billion in income will have a new tax rate of 15%.

  • Stock buybacks by corporations will face a 1% excise tax.

• The Affordable Care Act will be extended until 2025.

• There are new and increased energy credits available for both home and auto.

As always, Hark and Associates, PC is here to provide high quality service with the highest ethical standards in the business of CPA firms. We’ll provide the answers to your questions that arise surrounding this act and how it may affect your taxes. Let us know how we can help you today.