Fairman Group Discusses Tax Planning Opportunities Related to the Inflation Reduction Act
With the passing of the Inflation Reduction Act of 2022, there are some possible tax planning opportunities relating to Green Energy Credits. The majority of the spending in the Act is for tax credits encouraging renewable energy and reducing emissions. This includes an expansion of energy credits available to individual taxpayers: however, one source of funding for the Act that will affect individual taxpayers is the stated goal of increasing Internal Revenue Service audit rates. This has raised concerns of increased audit rates for individuals.