Payroll changes

[Cmsheridan155]

Hi, are there any payroll tax changes I should be aware of that will occur due to the Inflation reduction act?

[Esther M]

The Inflation Reduction Act 2022 has no direct impact on payroll taxes. It mainly focuses on tax credits for individuals and businesses in areas of Energy Efficient Tax benefits (i.e. Clean Vehicle Credits, Credits for Electric Chargers, Home Energy Credits ) and Healthcare tax benefits.

At Corporate levels there are some notable tax changes.  Corporations making $1 billion or more will see 15% minimum tax and an excise tax of 1% of the fair market value on repurchased stock. This will apply only to publicly traded corporations for stock repurchases after December 31, 2022.