Pillar Two spotlight series: Covered taxes demystified has been saved
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Pillar Two spotlight series: Covered taxes demystified
Part of the Tax News & Views podcast series
Under the OECD’s Pillar Two guidance, covered taxes go well beyond what US companies report in their financial statements. In the latest part of our series, Deloitte Tax leaders look at how the OECD defines “covered taxes” and how they may impact traditional accounting standards for US-based multinationals.
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Pillar Two spotlight series: Covered taxes demystified
With Pillar Two, US-based multinationals will now have to calculate their income taxes a bit differently, reporting nontraditional sources of earnings such as corporate equity. In this latest episode of our spotlight series, Deloitte Tax leaders Chad Hungerford and Maritza Royall discuss the OECD’s Pillar Two guidance for covered taxes, what some of the key adjustments are, and, more importantly, what organizations should be doing now to be compliance-ready:
I would suggest companies really start thinking about creating new GL accounts on their trial balance to better track additional information that’s going to be needed for the Pillar Two calculations. This will make it easier for tax departments to pull that information out.
—Maritza Royall
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