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Ferrone & Associates CPA is a full-service accounting firm serving clients throughout the Salt Lake City, UT area, dedicated to providing our clients with professional, personalized services and guidance in a wide range of financial and business needs.

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LATEST FROM OUR BLOG

Preview of the Inflation Reduction Act of 2022 (8/16/2022)

Aims to lower energy costs, increase cleaner production and reduce carbon emissions by roughly 40% by 2030 and;

  • Lowers ACA health care premiums for millions of Americans while extending the expanded ACA coverage through 2025
  • Introduces a 15% corporate minimum tax and closes the carried interest loophole to make the biggest corporations and the ultra-wealthy pay their “fair share”
  • Funds greater enforcement of the tax code by providing the IRS $124 Billion for enforcement
  • Allows Medicare to negotiate drug prices and caps out-of-pocket costs to $2,000
  • No new taxes on families making $400,000 or less
  • No new taxes on small businesses

Note: Congress must have been persuaded by the problems the IRS backlogs have caused and will continue to cause, until improvements are made. So here comes the Calvary. $124,000,000,000, (Billion). That’s a lot of improvements. 

It’ll take a bit of time but you should start seeing changes in 2023. From then on the IRS will transform enforcement dramatically, but what about clearing the back log? That too. But the main target will be collecting the estimated $365 Billion dollar short fall in unreported and uncollected taxes. 

So, everything is lining up. The money is there and the incentive is there. That means this will be a game changer. Possibly the likes of which we have not seen before. 

The IRS will become a lean mean cash machine. And… there might be a silver lining; If the IRS is raking in the dough from uncollected taxes, Congress may not need to raise taxes. The new found money can solve a lot of problems; shore up Social Security and have funds left over to run the country, or vice-versa. Either way would be an improvement.    

Click HERE to read more from our blog.