The issue here is probably that it is a misnomer to say corporations are holding "cash". The big banks (a.k.a. primary dealers) are moving their cash hordes around constantly but I think most of it has been in the stock market and commodities. I imagine most corporations are doing the same. You would have been a complete chump to actually hold cash for the last three years because the value of dollars have been hammered.
The key distinction is between holding your assets in liquid investments or investing it in your business. Companies are NOT investing it in growing their businesses which is what TFA is referring too. Why should they. Over the last 3-4 years it was incredibly easy to get huge returns just buying in to the stock market as it rallied from 6600 to 13000. It was shooting fish in a barrel for them to just ride the wave as the Fed reinflated the stock market by printing money and handing it to the primary dealers. Contrast the ease with making money gambling in stocks and commodities over the last three years versus doing the hard way, investing in your business, doing R&D, making products. Its why unemployment stays high. Its a lot easier to gamble for money these days than it is to work for it.
As for when the inflation happens, as I said, no one knows. Maybe it won't. The problem is always that everyone has confidence in your currency until they don't. And when they lose it, it is usually sudden and ugly.
Another problem is that, since nearly all central banks are debasing their currency, its a complete crap shoot to figure out which currency is safer than all the others. The Swiss Franc has been the hands down choice for most of the last three years but so much money has fled in to such a small country that its severely imbalanced too.
Let's hope we get lucky and can muddle through. One plus to the Fed's money printing is they are replacing wealth wiped out when the housing bubble collapsed. Unfortunately they are replacing money lost by home owners and pension funds who bought mortgage backed securities, with money pouring in to Wall Street, and Wall Street is just using it to fund their gambling addiction, not to build companies or create jobs.