KPMG report: Accounting for tax credits
Evaluating the accounting consequences of tax credits
Evaluating the accounting consequences of tax credits
There are many different types of tax credits available to entities, including several credits that have been created, modified, or extended as a result of recent federal legislation enacted in the United States.
When evaluating the accounting consequences of tax credits, an entity needs to consider the underlying characteristics of the credit, the entity’s intent for utilizing or transferring the credit, and determine if accounting policies have been previously established. Entities need to also consider if any financial statement disclosures are necessary.
Read a November 2022 report [PDF 356 KB] prepared by KPMG LLP: What’s News in Tax: Accounting for Tax Credits
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