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Summary of Inflation Reduction Act

SUMMARY: THE INFLATION REDUCTION ACT OF 2022The Inflation Reduction Act of 2022 will make a historic down payment on deficit reduction tofight inflation, invest in domestic energy production and manufacturing, and reduce carbonemissions by roughly 40 percent by 2030. The bill will also finally allow Medicare to negotiatefor prescription drug prices and extend the expanded …

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Secure Act Shrinks the Stretch

The recently enacted Secure Act, eliminates the life time stretch of retirement assets for non-spouse beneficiaries, with a few exceptions.  Instead, these assets will now be taxed within ten years.  For the charitably minded client, one idea being touted is a charitable remainder unitrust (CRT).  Based on materials I have seen, the ideal payout rate …

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Newly Issued Proposed Regulations under Code Section 199A

On August 8, 2018 the Treasury issued proposed regulations under Code Section 199A, a provision that was part of the 2017 tax act that provides a 20% deduction on “qualified business income.”  Code Section 199A is a very complex provision, but every business owner needs to be advised as to whether it applies to the …

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