Ashby Corum, KPMG Washington National Tax partner, and Jenna Terrell, KPMG Department of Professional Practice managing director, join host John Barbagallo in another installment of our podcast series on the accounting implications of the recently enacted IRA and CHIPS legislation under IFRS Accounting Standards.
- Companies subject to US federal tax law that prepare financial statements in accordance with IFRS Accounting Standards
- 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"
- 00:15 – Introduction
- 00:55 – New ways to monetize tax credits
- 02:15 – Accounting for refundable, transferable, and nonrefundable, nontransferable credits
- 05:40 – New Corporate AMT
- 07:40 – Accounting for the new AMT
- 09:20 – How the new excise tax on share repurchases works
- 10:30 – Accounting for the new excise tax
Podcast: IRA & CHIPS – IFRS® Accounting Standards
Financial Reporting Podcast Transcript - March 2023
IRA and CHIPS: Tax considerations
Our impressions on the accounting for key provisions in the recently enacted tax legislation.
President signs budget reconciliation legislation; KPMG’s report on tax law changes
Analysis and observations: Tax law changes in the “Inflation Reduction Act of 2022”