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
IRA and CHIPS: Tax considerations
Our impressions on the accounting for key provisions in the recently enacted tax legislation.
Analysis and observations: Tax law changes in the “Inflation Reduction Act of 2022”
President Biden today signed into law H.R. 5376 (commonly referred to as the “Inflation Reduction Act of 2022”)—the budget reconciliation legislation that includes significant law changes related to tax, climate change, energy, and health care.