Our 2022 Year-End Tax Letter outlines important guidelines for compliance with federal and state rules of taxation and reporting requirements. This letter contains useful information regarding some of the more significant changes to the tax code from legislation enacted in the last few years. This letter also contains 2022 and 2023 payroll tax requirements, employee benefits reporting, informational return filing requirements, and other information for tax planning.
Please note that this letter is designed to provide an overview of selected tax rules that we believe to be of interest to our clients. Tax rules are very complex and can be subject to interpretation. There are many special rules and exceptions that have not been addressed here. In addition, the contents of this letter are subject to change as new tax laws are passed.
On August 16, 2022, President Biden signed the Inflation Reduction Act into law. The legislation includes a wide range of provisions including a resurrected 15% corporate minimum tax, a 1% excise tax on the repurchase of corporate stock, clean energy and domestic manufacturing incentives for businesses, consumer energy credits and incentives, and more. For additional highlights, please refer to our Inflation Reduction Act blog post here.