Listen now
0:00
00:00
Podcast overview
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.
Applicability
- All US taxpayers
- Any entities conducting share repurchases in the US
Relevant dates
- 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"
Podcast contents
- 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
Explore more
Resource
IRA and CHIPS: Tax considerations
Our impressions on the accounting for key provisions in the recently enacted tax legislation.
Insight
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”
Meet our team
Ashby T. Corum
Partner, Washington National Tax, KPMG US
Angie Storm
Chief Accountant, Dept. of Professional Practice, KPMG US
Ashby T. Corum
Partner, Washington National Tax, KPMG US
Angie Storm
Chief Accountant, Dept. of Professional Practice, KPMG US