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December 22, 2022
2022-1941

EY publication highlights accounting implications of 2022 Q4 income tax developments

The Quarterly tax developments for the quarter ended December 31 is attached below. Prepared by Ernst & Young LLP's Tax Accounting group, this publication provides a quarterly overview of enacted tax legislation, as well as regulatory developments and other items through December 2, 2022, except as noted. Highlights of this edition include:

 — Tax legislation enacted this quarter

 — Other developments to consider for the quarter and year-end provisions

 — Things we have our eyes on

 — An updated version of our TechLine, Accounting for the effects of the Inflation Reduction Act and the CHIPS and Science Act, which now reflects the FASB staff's view on the most appropriate way to account for nonrefundable tax credits with transferability features

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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
   • Angela Evans (angela.evans@ey.com)
   • George Wong (george.wong@ey.com)

Published by NTD’s Tax Technical Knowledge Services group; Maureen Sanelli, legal editor

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ATTACHMENT

Quarterly Tax Accounting Developments for 2022 Q4