Podcast overview
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.
Applicability
- All US taxpayers using nonrefundable credits in the IRA legislation
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
- 00:35 - 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?
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”
Resource
Handbook: Tax credits
Our in-depth guide explains the accounting for various forms of tax credits in accordance with US GAAP.
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