A Note from the Editors-in-Chief

In addition to the stock buyback excise tax, the Inflation Reduction Act introduced a 15-percent CAMT on the "adjusted financial statement income" of certain large corporations defined as "applicable corporations," (very generally, corporations reporting at least a $1 billion three-year average of adjusted pre-tax net income on their consolidated financial statements). [...]the authors describe certain changes to the Form 1040 digital asset checkbox. The Secure 2.0 Act of 2022 includes a number of legislative changes intended to (1) boost retirement plan participation though expanding automatic enrollment programs, changing the law to help small employers more easily offer retirement savings plans, and enhancing various credits to make retirement saving beneficial to the participants and plan sponsors; (2) provide a gradual increase in required minimum distribution age; (3) increase flexibility for required minimum distributions; (4) improve investment options for plan participants; and (5) streamline plan administration for fiduciaries. The second Tax Briefing provides a 2022 Tax Year-in-Review, including (1) a discussion on recently passed legislation (the Inflation Reduction Act of 2022; the Consolidated Appropriations Act of 2023; and the Chips Act); (2) an update on IRS administration, including a discussion of the return processing backlog and new IRS leadership; and (3) an update on key IRS guidance, including Schedule K-2/K-3 guidance, IRS actions in response to the No Surprises Act, earned income tax credit guidance, and an updated list of exceptions for the inclusion of cancelled student loan debt in taxable income; and (4) an