Ashby Corum, KPMG Washington National Tax partner, and Angie Storm, KPMG Department of Professional Practice partner, join host John Barbagallo in another installment of our podcast series on the accounting implications of the recently enacted IRA and CHIPS legislation – with a focus on nonrefundable and bonus tax credits.
- All US taxpayers using nonrefundable credits in the IRA legislation
- 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"
- 00:35 - Introduction
- 00:55 - How do nonrefundable credits work?
- 01:55 - Accounting for non refundable credits
- 05:50 - What are bonus credits and how do they work?
- 07:20 - Bonus credit recapture
- 07:45 - Accounting for bonus credits
- 09:05 - What happens to the bonus credits if a company's fact pattern changes?
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.