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).
- All US taxpayers
- Inflation Reduction Act enactment: August 16, 2022
- The corporate AMT is effective for tax years beginning after December 31, 2022.
- 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