President Joe Biden signed the budget reconciliation bill H.R. 5376 into law Tuesday, August 16, 2022. Better known as the Inflation Reduction Act, the bill includes a number of tax provisions that may affect your business.

Ryan Slenicka is a supervisor in the tax department at Corrigan Krause.

The Tax Cuts and Jobs Act of 2017 brought forth many changes to tax laws, including the elimination of the alternative minimum tax (AMT) for c-corporations beginning in 2018. However, AMT has not been eliminated for individuals. This post will focus on pass through entities where business income flows through and is taxed at the individual level, such as S-Corporations.

Long-Term Contracts and AMT

Whe