President Biden signed the Inflation Reduction Act into law yesterday.  There’s a lot in it. . . how will it affect you and your business?  Our friends at Clifton Larson Allen have some ideas.

Here’s just one aspect of the law that may affect your business that I noticed in the CLA report:

“A tax increase on business owners operating as a sole proprietor or pass-through entity (i.e., entities taxed as partnerships, S corporations, or LLCs) that has not garnered the same media attention as the corporate tax hikes and IRS funding is the limit on excess business losses. The complicated tax rule generally limits a taxpayer’s ability to offset investment or employment income with a business loss, even if the taxpayer is actively involved in the business. This less-well-known provision, which was extended until the end of 2028, is estimated to raise an additional $54 billion in taxes on individuals.”

Click here for a short analysis of impacts and a short insight into the Inflation Reduction Act from CLA.

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