The Inflation Reduction Act Passed the House and Senate! Ron Cohen Episode 25

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:

IRS

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:

Details & Analysis of the Inflation Reduction Act Tax Provisions

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

Tax update with Ron, episode 30

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.

India Teaming Up With United States in Joint Effort to Find Hidden Cash

India is reportedly going after so called “black money” which Indian citizens who are living abroad, are apparently hiding in offshore accounts, including here in the United States. According to reports, the Indian Government believes that as much as $350 billion is hiding in unreported bank accounts and other financial institutions. India is already gathering…

Is Your Company in the Market for a Fairness Opinion?

Is Your Company in the Market for a Fairness Opinion? Is that really fair? In my opinion, yes it is. Obviously a fairness opinion is much more than that in the financial and business world. So what is a fairness opinion, exactly? One of the final parts of any sale or merger is a fairness…

Communication Between Managers and their Employees

By Emily Topham Communication Between Managers and Their Employees   Managers have a daunting task—finding the right level of communication between them and their employees. It can be difficult for new managers to transition into the level of communication that is required by a leadership position. But discovering how to communicate well can make or…

Which States Are Good, and Bad, for Taxes?

How attached are you to the state you live in? Although most people would rather not relocate, where a person lives can actually make a huge difference in his or her tax bill. That’s because Kiplinger recently released its list of the most and least “tax-friendly” states when it comes to taxes. The business publisher…