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Podcast overview
Ashby Corum, KPMG Washington National Tax partner, and Matt Drucker, 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 accounting for the new excise tax.
Applicability
- All companies conducting share repurchases subject to the new excise tax created by the Inflation Reduction Act.
Relevant dates
- The new excise tax applies to relevant share repurchases after December 31, 2022.
Podcast contents
- 00:30 - Introduction
- 00:55 - Excise tax overview & applicability
- 01:50 - Transactions covered by the excise tax
- 02:55 - Whether the excise tax is an income tax
- 03:25 - Excise tax accounting model
- 05:25 - Accounting for stock issuances after stock repurchases
- 06:55 - Accounting for stock repurchases after stock issuances
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Analysis and observations: Tax law changes in the “Inflation Reduction Act of 2022”
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IRA and CHIPS: Tax considerations
Our impressions on the accounting for key provisions in the recently enacted tax legislation.
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Podcast series: IRA & CHIPS legislation
KPMG professionals explore the newly enacted IRA & CHIPS legislature
Meet our team
Ashby T. Corum
Partner, Washington National Tax, KPMG US
Matt Drucker
Partner, Dept. of Professional Practice, KPMG US
Ashby T. Corum
Partner, Washington National Tax, KPMG US
Matt Drucker
Partner, Dept. of Professional Practice, KPMG US