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18 August 2022

EY Technical Line addresses ASC740 tax accounting considerations for the effects of the Inflation Reduction Act and the CHIPS and Science Act

President Biden signed into law the Inflation Reduction Act of 2022 on 16 August 2022 and the CHIPS and Science Act of 2022 on 9 August 2022. These laws implement new tax provisions and provide for various incentives and tax credits. The latest edition of EY's Technical Line covers ASC740 tax accounting considerations for the effects of these new laws.

Highlights in this edition include:

  • An overview of key corporate tax elements
  • A discussion of certain tax accounting considerations for the quarter
  • Government assistance provided in the Acts

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RELATED RESOURCES

— For more information about EY's Tax Accounting services, visit us at www.ey.com/US/TaxAccounting
— For more information about EY's Tax Accounting University education program for clients, visit us at www.ey.com/TAU

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Contact Information
For additional information concerning this Alert, please contact:
 
Tax Accounting and Risk Advisory Services Group
   • Angela Evans (angela.evans@ey.com)
   • George Wong (george.wong@ey.com)

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ATTACHMENT

Technical Line for August 18, 2022

Document ID: 2022-1260

 

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