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A Closer Look at Tax Items in the Inflation Reduction Act

(JofA) - The Inflation Reduction Act includes several tax provisions, including a corporate minimum tax, a 1% excise tax on stock repurchase by corporations, and increased funding for IRS enforcement efforts. Adam Schrom, CPA, director of product management at Bloomberg Tax, breaks down several aspects of the legislation and provides a history lesson in the process.



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Inflation Reduction Act Doubles the R&D Tax Credit for Startups 
(CPA Practice Advisor) - CPAs who service startups that conduct research should make sure that they are prepared to discuss this tax credit with their clients, as the legislation may double ...

Knowing Section 702 of the Partnership Rules 
(Accounting Web) - A better understanding of Section 702 rules can help tax professionals with planning and compliance. We will look at how the details of Section 702 can convert contingent income into taxable income.

Don't Plug in That Free Microsoft Office USB Drive You Got in the Mail 
(PC World) - Surprisingly legit-looking, "free" copies of Microsoft Office are (unsurprisingly) still scams

Business Highlights: Recession Fears, Flat Retail Sales 
(AP) - The CEO of Bank of America said the recent debate over whether the U.S. economy is technically in a recession or not is missing the point. What matters is that current economic conditions are negatively impacting those who are most vulnerable.

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