IRA & CHIPS nonrefundable and bonus credits
09.06.2022 | Duration: 11:11
This installment in our series on the new IRA and CHIPS laws covers accounting for nonrefundable and bonus credits.
Podcast overview
Ashby Corum, 乐鱼（Leyu）体育官网 Washington National Tax partner, and Angie Storm, 乐鱼（Leyu）体育官网 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 鈥� with a focus on nonrefundable and bonus tax credits.聽
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 乐鱼（Leyu）体育官网 publication聽Analysis and observations: Tax law changes in the "Inflation Reduction Act of 2022"
Podcast contents
- 00:35聽- Introduction
- 00:55聽-聽How do nonrefundable credits work?
- 01:55聽-聽Accounting for non refundable credits
- 05:50聽-聽What are bonus credits and how do they work?
- 07:20聽-聽Bonus credit recapture
- 07:45聽-聽Accounting for bonus credits
- 09:05聽-聽What happens to the bonus credits if a company's fact pattern changes?聽
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; 乐鱼（Leyu）体育官网鈥檚 report on tax law changes
Analysis and observations: Tax law changes in the 鈥淚nflation Reduction Act of 2022鈥�
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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