PODCAST

Podcast: IRA & CHIPS corporate alternative minimum tax

The next installment on new IRA and CHIPS legislation covers accounting for the new corporate alternative minimum tax.

John Barbagallo

John Barbagallo

Managing Director, Dept. of Professional Practice, KPMG US

+1 212-954-7258

Ashby Corum

Ashby Corum

Partner, Washington National Tax, KPMG US

+1 313-230-3361

Matt Drucker

Matt Drucker

Partner, Audit, KPMG US

+1 212-872-3584

Podcast overview

Ashby Corum, KPMG Washington National Tax partner, and Matt Drucker, KPMG Department of Professional Practice partner, join host John Barbagallo in the next installment of our podcast series on the accounting implications of the recently enacted IRA and CHIPS legislation – with a focus on accounting for the new corporate alternative minimum tax (AMT).

Applicability

  • All US taxpayers

Relevant dates

  • Inflation Reduction Act enactment: August 16, 2022
  • The corporate AMT is effective for tax years beginning after December 31, 2022. 

Podcast contents

  • 00:30 Introduction
  • 01:00 Corporate AMT overview  and applicability
  • 01:40 Adjusted financial statement income (AFSI)
  • 03:00 Corporate AMT carryforward
  • 04:30 Accounting for corporate AMT
  • 05:25 Implications on the valuation allowance
  • 07:25 Accounting policy changes