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Accounting for Income Taxes Hot Topics Archive

Deloitte ImageAccounting for Income Taxes Hot Topics highlights certain recent tax and accounting developments that may have accounting for income tax (ASC 740) implications.

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June 30, 2014 - June 2014

  • Accounting Developments
    - Revenue recognition
    - Income tax credits
    - Financial instruments – Classification and measurement
  • Tax Law Developments
    - Tax law developments – Overview
    - Uncertain tax positions
    - Classified balance sheet
    - Tax expense
    - International – India, Italy, Norway, Singapore, Venezuela
    - U.S. Federal – IRS publishes guidance on how tax principles apply to transactions using convertible virtual currency
    - U.S. Federal – Federal update on safe harbor election for success-based fees paid to professionals other than investment bankers
    - Multistate – Indiana, Michigan, New Mexico, New York, Rhode Island, and Wisconsin
  • Looking Forward
    - Looking forward – Overview
    - House Subcommittee hears testimony on Mobile Workforce Act (Pending H.R. 1129)
    - Retroactive anti-inversion legislation introduced in Congress
    - Organization for Economic Cooperation and Development (OECD) update
    - Chile: Sweeping tax reform bill presented to congress
    - Germany: Draft decree issued on interpretation of change-in-ownership rules
  • Learn More
    - Financial Reporting for Taxes Training
    - Accounting for Income Taxes – Global Tax Developments
    - Example Disclosure: Accounting for Income Taxes
    - Example SEC Comments: Income Taxes

March 31, 2014 - March 2014

  • Accounting Developments
    - FASB offers simplified approaches to goodwill accounting for private companies
    - FASB removes income taxes convergence project from agenda
  • Tax Law Developments
    - Tax law developments: Overview
    - International: Brazil, Finland, France, Italy, Slovakia, Switzerland, and Vietnam
    - Multistate: Michigan, New Jersey, New York, and Texas
  • Looking Forward
    - Camp releases comprehensive tax reform discussion draft
    - White House releases FY 2015 budget proposal
    - Organization for Economic Cooperation and Development (OECD) discussion draft
    - New York State 2014-15 budget outlines tax reform proposals
  • Learn more
    - Financial Reporting for Taxes Training
    - FASB issued ASU 2014-01
    - Accounting Roundup: Special Edition – Annual update on accounting for income taxes
    - Accounting for Income Taxes – Global Tax Developments
    - Example Disclosure: Accounting for Income Taxes
    - Example SEC Comments: Income Taxes

December 16, 2013 - December 2013

  • Accounting Developments
    - Emerging Issues Task Force (EITF) reaches a final consensus on Issue 13-B, “Accounting for Investments in Qualified Affordable Housing Projects”
    - FAF concludes post-implementation review of Statement 109
  • Federal
    - Treasury issues final Section 382 “small shareholder” regulations (T.D. 9638)
    - Gross income exclusion for biodiesel mixture credits claimed under Section 6426(c) and payments received under Section 6427(e)
    - IRS reduces payment amount of refundable Alternative Minimum Tax (AMT) credits claimed under Section 168(k)(4) – IRS updates sequestration rate
  • International
    - Mexico Tax Reform
    - Puerto Rico issues technical amendments to Act 40 of 2013, the Tax Burden and Redistribution and Adjustment Act, including a clarification regarding the additional tax on gross income
  • Controversy
    - IRS memorandum provides implementation guidance for Appeals Judicial Approach Culture (AJAC) project
  • Did You Know?
    - U.S. Tax Reform

September 30, 2013 - September 2013

  • Accounting Developments
    - Emerging Issues Task Force (EITF) makes tentative decisions Issue 13-B, “Accounting for Investments in Tax Credits”
  • Federal
    - IRS reduces payment amount of refundable AMT credits claimed under Section 168(k)(4)
    - IRS issues proposed regulations to amend the definition of research and experimental expenditures under Section 174
    - IRS releases final Tangible Property Regulations
  • International
    - Puerto Rico enacts sweeping changes to its alternative minimum tax regime
    - United Kingdom research and development expenditure credits
  • Multistate
    - California: AB 93 eliminates current Enterprise Zone Program and creates new economic development incentives and a partial sales tax exemption for manufacturers
    - Tax law changes - Texas enacts franchise tax bills with changes to the tax rate, determination of taxable margin, and the addition of new credits and sales/use tax exemption
    - Tax law changes - Wisconsin enacts 2013-2015 budget bill with changes to corporate and individual income tax, sales/use tax and administrative provisions
    - Tax law changes - Enacted legislation in Pennsylvania includes multiple tax law changes
    - Tax law changes - District of Columbia emergency legislation amends combined reporting provisions and repeals Multistate Tax Compact apportionment election provision
    - Tax law changes - North Carolina enacts tax bill with changes to corporate income tax rate, individual income tax provisions and sales and use tax
    - Tax law changes - Missouri enacts three new laws: New apportionment method, remote seller affiliate and click-through nexus, and Missouri Works Economic Incentive Program
    - Tax law changes - Illinois amends Income Tax Act
    - State amnesty programs - Connecticut: New law creates amnesty program; non-participation penalties apply
    - State amnesty programs - Louisiana enacts amnesty program
  • Did You Know?
    - Financial Reporting for Taxes 2013 Training

June 24, 2013 - June 2013

  • Accounting Developments
    - Update from the June 11, 2013 meeting of the Emerging Issues Task Force (EITF of "Task Force") on Issue 13-C
  • Federal
    - IRS releases letter ruling regarding what constitutes a “covered transaction” within the meaning of Treas. Reg. Section 1.263(a)-5(e)(3)
    - Convertible bond hedge issuances
    - Treasury issues final deemed asset sale election regulations
  • International
    - OECD report on base erosion and profits shifting (BEPS)
    - Colombia: Tax reform
  • Multistate
    - Virginia provides final guidelines on single-sales-factor apportionment election for manufacturers and phase-in of single-sales-factor apportionment for retailers
    - New Mexico reduces the corporate tax rate, imposes mandatory combined reporting on certain retailers, phases-in elective single-sales-factor apportionment and a gross receipts tax deduction for manufacturers, and modifies certain credits
    - Minnesota enacts Omnibus Tax Bill with changes to corporate income tax provisions, personal income tax rate, and sales and use tax
    - Changes to D.C. Qualified High Technology Company incentive enacted; BAE decision upheld
  • Did You Know?
    - Income tax in valuations
    - U.S. GAAP – IFRS difference background
    - Financial Reporting for Taxes 2013 Training

March 25, 2013 - March 2013

  • Accounting Developments
    - Emerging Issues Task Force (EITF) reaches consensus-for-exposure on Issue 13-B, “Accounting for Investments in Tax Credits”
    - EITF releases exposure draft regarding the Presentation of an Unrecognized Tax Benefit When a Net Operating Loss or Tax Credit Carryforward Exists
    - Private Company Council did not formally add accounting for uncertain tax positions to its agenda
    - Financial Accounting Foundation (FAF) to conduct Post-Implementation Review of FASB standard on Accounting for Income Taxes
  • Federal
    - United States Court of Federal Claims’ summary judgment on depreciation allocable to exempt income
    - The American Taxpayer Relief Act of 2012 signed into law on January 2, 2013
  • International
    - France: Tax credit for competitiveness and employment
  • Multistate
    - California Court of Appeal reverses trial court in Microsoft’s favor and applies cost of performance sourcing to royalties
  • Did You Know?
    - Exceptions to deferred tax asset (DTA) and deferred tax liability (DTL) recognition for corporate joint ventures
    - Financial Reporting for Taxes 2013 Training

December 19, 2012 - December 2012

  • Accounting Developments
    - 2012 AICPA National Conference on Current SEC and PCAOB Developments
    - Income tax accounting implications of Hurricane Sandy
  • Multistate
    - California voters approve tax ballot measures: Mandatory single sales factor apportionment for most multistate taxpayers
    - State Amnesty Programs: Kentucky and New Jersey
  • Controversy
    - Tangible property regulation compliance delayed until 2014

September 24, 2012 - September 2012

  • Accounting Developments
    - FASB proposes new disclosures for reclassification adjustments out of AOCI
  • International
    - UK corporate tax rate reduction
    - France: Accounting for the newly enacted 3% distribution surtax
  • Multistate
    - Texas court rules certain real property service costs are deductible COGS for Texas franchise tax
    - New law in Massachusetts postpones combined reporting “FAS 109” deduction for one more year
  • Did You Know?
    - First in a series: Accounting for share-based compensation when the recipient is employed by a subsidiary but the shares are of the parent
    - Financial Reporting for Taxes 2012 Training

June 25, 2012 - June 2012

  • International
    - Dual tax rate jurisdictions: Determination of an applicable tax rate
    - India’s Finance Act 2012 and the impact of certain retrospective provisions
  • Multistate
    - State Amnesty Program
    - Arizona expands tax credits and increases net operating loss carryforward period for corporations
    - California officially adopts regulation on market sourcing for sales of other than tangible personal property
    - Nebraska adds new defined corporate income tax terms and adopts market sourcing for sales other than sales of tangible personal property
  • Controversy
    - Supreme Court affirmed Home Concrete
  • Did You Know?
    - Application of ASC 740-20-45-11(g) to noncontrolling interest transactions
    - Potential limitation on the ability to deduct foreign tax credits

March 26, 2012 - March 2012

  • Accounting Developments
    - Presentation of Other Comprehensive Income
  • Federal
    - Guidance issued for taxpayers to comply with tangible property temporary regulations
  • International
    - Accounting for income tax considerations for IRC Section 952(c) Subpart F income recapture
    - Accounting for changes introduced by recently issued regulations: IRC Sections 909 and 901
  • Multistate
    - Michigan enacts changes to Corporate Income Tax
    - Illinois law change
  • Controversy
    - Domestic production activity guidance issued
  • Did You Know?
    - Elections to change tax status cannot be considered until actually filed

December 21, 2011 - December 2011

  • Accounting Developments
    - 2011 AICPA National Conference on SEC and PCAOB Developments
  • Federal
    - Income tax accounting for discontinued operations
  • International
    - Changes to net operating loss carryover rules: France, Hungary, Italy, Japan, and Spain
    - Subpart F and tax accounting for foreign investments: Expiring foreign provisions
    - Japan tax reform
  • Controversy
    - The use of widely understood administrative practices and precedents
  • Did You Know?
    - Accounting for deferred tax assets related to tax receivable agreements
    - Representative Camp releases draft bill rewriting the U.S. tax rules on foreign income of U.S. multinationals

September 26, 2011- September 2011

  • Accounting Developments
    - Lease accounting update
  • Federal
    - Guidance issued on the application of the economic substance doctrine
    - Final regulations on accounting methods following IRC Section 381(a) transactions
  • International
    - UK Corporate Tax Rate Changes
  • Multistate
    - District of Columbia’s 2012 Budget Support Act
    - Massachusetts law change
    - State Programs: Recently, both New Jersey and Ohio have implemented programs applicable to income taxes and nonincome taxes
  • Controversy
    - Recent guidance: Schedule UTP updated FAQs
  • Did You Know?
    - Income tax accounting for partnerships: Measuring deferred taxes (3rd in a series)
    - Update on safe harbor election for success-based fees incurred in connection with covered transactions

June 28, 2011 - June 2011

  • Accounting Developments
    - SEC issues staff paper to address incorporation of international standards into U.S. reporting system
  • Federal
    - Rev. Proc. 2011-35 – Establishing tax basis in the stock of a target corporation acquired in a “transferred basis transaction”
    - Rev. Proc. 2011-29 – Safe harbor election for allocating success-based fees between facilitative and non-facilitative activities
  • International
    - Puerto Rico excise tax
    - Effect of Section 901(m) on the Section 338 election making process
    - Updated Form 8832 accommodates late classification elections
  • Multistate
    - New Jersey law change
    - Michigan enacts Corporate Income Tax and eliminates three-factor apportionment election
    - State programs
  • Controversy
    - Refund claim allows IRS to recalculate tax liability for all years necessary to determine whether there was an overpayment
  • Did You Know?
    - SEC comments – Income tax disclosures related to indefinitely reinvested foreign earnings
    - Income tax accounting for partnerships – Effective tax rate consequences of noncontrolling interests (second in a series)

March 28, 2011 - March 2011

  • Accounting Developments
    - Roadmap to Accounting for Income Taxes
  • Federal
    - New guidance released on federal tax accounting for gift cards
  • International
    - Puerto Rico excise tax
  • Multistate
    - Arizona tax law change
    - Illinois tax law change
    - Wisconsin administrative practice
  • Controversy
    - Tax Controversy Update: 2011 Offshore Voluntary Disclosure Program
  • Did You Know?
    - Income tax accounting for partnerships: Determining the appropriate tax basis (first in a series)
    - Deloitte offers Financial Reporting for Taxes 2011 Training

 

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