Ashby Corum, KPMG Washington National Tax partner, and Angie Storm, KPMG Department of Professional Practice partner join host John Barbagallo on this first installment of a podcast series on the accounting implications of the recently enacted IRA and CHIPS legislation.
- All US taxpayers
- Any entities conducting share repurchases in the US
- CHIPS enactment: August 9, 2022
- Inflation Reduction Act enactment: August 16, 2022
- For dates relating to specific provisions, see KPMG publication Analysis and observations: Tax law changes in the "Inflation Reduction Act of 2022"
- 00:25 - Introduction
- 01:00 - New ways to monetize tax credits
- 02:55 - Accounting for refundable and transferable credits
- 06:15 - How the new excise tax on share repurchases works
- 07:40 - Accounting for the new excise tax
- 09:40 - A new alternative minimum tax (AMT) regime
- 10:45 - Accounting for the new AMT