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
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Ron Cohen, CPA
Partner at Greenstein, Rogoff, Olsen & Co., LLP CPAs & Advisors
Email: rcohen@groco.com
510.797.8661
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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
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