Discuss the major Federal business and individual tax issues, including the Inflation Reduction Act, the minor changes (with major implications) to Schedule K-1, K-2, K-3s from both Partnerships and S-Corporations, tax traps set by QBI reporting with more than one activity with at-risk basis and passive activities, the “rest of the story” with excess business loss limitation, the little known reality of the individual NOL carryforward, the fine details of qualified improvement property (QIP) beyond the headlines, cautions with the Employee Retention Tax Credit (ERTC), S-Corporation compensation issues under the rug, accountable plans in anticipation of increased audit risks, missed self-employed tax credits, IRS tax pro accounts, student loan forgiveness tax implications, the new Form 1099-K tax issues, anticipated future IRS enforcement and audit targeted issues, Form 7203 issues for S-Corp owners, the forgotten work opportunity tax credit, prior tax laws suspended by the CARES Act now back in play, what’s new in 2022 compared to 2021, and the latest IRS developments.