The Inflation Reduction Act Passed the House and Senate! Ron Cohen Episode 25
Tax update with Ron, Episode 25: The Inflation Reduction Act Passed the House and Senate!
This week we talk about: The Inflation Reduction Act Passed the House and Senate…POTUS to sign, soon, Excise tax on Stock buy-backs
Senate: 51 to 50 with VP breaking tie
House: The chamber approved the more than $430 billion package by a 220-207 margin, as all Democrats backed it and all Republicans opposed it. Seven votes out of 435 as a few seats are vacant.
Links:
Inflation Reduction Act – Draft Bill Summary
https://dhub.blob.core.windows.net/dhub/Newsletters/Tax/2022/TNV/220807_1.html?elqTrackId=88c70ff98972442ba266c7651fcf41f9&elq=12261bba629b44178c6fbcacad06eeac&elqaid=98265&elqat=1&elqCampaignId=18112
Text of Bill:
https://www.congress.gov/bill/117th-congress/house-bill/5376/text?q=%7B%22search%22%3A%5B%22inflation+reduction+act%22%2C%22inflation%22%2C%22reduction%22%2C%22act%22%5D%7D&r=1&s=1
Summary from the Tax Foundation:
https://taxfoundation.org/inflation-reduction-act/
Please let us know if there are specific topics you’d like to hear about in future episodes.
Ron Cohen, CPA
Partner at Greenstein, Rogoff, Olsen & Co., LLP
rcohen@groco.com
510-797-8661
We hope you found this podcast “Tax update with Ron, Episode 25: The Inflation Reduction Act Passed the House and Senate!” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com.
Ron Cohen, CPA
Partner at Greenstein, Rogoff, Olsen & Co., LLP CPAs & Advisors
Email: rcohen@groco.com
510.797.8661
Click here to listen to more from Ron.
Click here, then scroll down, to see Ron’s bio.
To receive GROCO’s free newsletter, click here.
Click here to learn more about Greenstein, Rogoff, Olsen & Co., LLP (GROCO.com) Advisors to the ultra-affluent.
About GROCO:
Greenstein, Rogoff, Olsen & Co., LLP is a full-service Certified Public Accounting firm located in the Silicon Valley region of the San Francisco Bay Area. It has been consistently ranked as one of the top family office IRS, state and local strategy and advisory firms in the San Francisco Bay Area. Founded by Morey Greenstein, the practice has grown into a premier regional family office strategy and advisory firm with offices in the Kansas City and San Francisco Bay Areas.
GROCO® provides strategic family office strategy and advisory, financial, wealth preservation, business valuation, planning and consulting services to high net worth individuals, closely-held businesses and individuals expecting significant liquidity events. Specific expertise includes delivering these services to Venture Capital partners, individuals, and family offices. Many named partners in the largest VC firms are long-time clients of GROCO.
About Ron Cohen, CPA, MST, Partner GROCO:
Ron has more than 3 decades of experience in public accounting and related industry work. Ron has extensive knowledge in International Tax and has traveled extensively throughout Europe and Asia handling various compliance issues. He has also served as a tax director for a company with sales in excess of $2 billion. Ron previously taught courses in taxation and financial accounting at a local College.
Prior to his life as a CPA advisors, Ron did some stand-up comedy in Chicago and received advice from several comedians with national T.V. shows. However, after observing that the vast majority of comedians have a very low taxable income, Ron decided to follow his father’s example and become a CPA. He earned an undergraduate accounting degree from the University of Illinois, Chicago, and then a Masters in Taxation from Golden Gate University. Ron lives in Fremont with his wife, who teaches high school English, and has two sons and two grandchildren.
Posted 8/15/2022
We appreciate our subscribers and clients. As the IRS, state and local agencies try to increase revenue any way they can. Our firm seeks to insure that our clients pay all of their government obligations, but no more. Using confusion and ambiguity to extract more money from citizenry is not right nor in concert with the efforts and insightful brilliance of our country’s founding fathers.
We don’t use tricks or schemes, but rather expert knowledge and appropriate strategies to accomplish what is in our clients best interest while seeing that their fair share is exactly that; not something justified by a bureaucracy that has grown inefficient and unmanageably cumbersome from it’s own massive weight.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
GROCO.com is a proud sponsor of The American Dreams Show.
What Does the New Tax Law Mean for Your Housing?
What Does the New Tax Law Mean for Your Housing? With the new tax reform bill finally in the books, the time for fighting over the bill is over. Now it’s time to let the fight over how it’s going to affect taxpayers, begin. There’s no question the new law is going to affect nearly…
The Senate Passed the Tax Bill and This is What We Know
The Senate Passed the Tax Bill and This is What We Know As of the wee hours of the morning last Saturday, the Senate just passed tax reform. While we are all still anxiously waiting to see what will end up on President Trumps desk, let’s review some of the information that we have up…
Trump Calls for Complete Overhaul of Tax System
Trump Calls for Complete Overhaul of Tax System Calling it the “biggest tax cut in history,” President Donald Trump last week laid out his administration’s plan to completely overhaul the nation’s tax system. Tax reform was one of the biggest calling cards of the new president during his campaign, which ended in victory last November.…
Will the IRS Collect on Cryptocurrency?
Will the IRS Collect on Cryptocurrency? The digital age has changed the way the world operates. Just about every industry imaginable has been affected by technology already. That includes how we use and exchange money, over the Internet. Whether you call it bitcoin or cryptocurrency, or any other similar moniker, these forms of digital currency…