Accounting for Income Taxes Quarterly | Deloitte US | Tax


Accounting for Income Taxes

Quarterly Hot Topics

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

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September 2015

Accounting developments

- FASB issues ASU to defer effective date of the New Revenue Standard
- SEC proposes rule on “clawback” policies
- FASB makes tentative decision about income tax disclosures related to unrecognized tax benefits
- FASB issues guidance for measurement period adjustments related to a business combination

Tax law developments

- Tax law developments – Overview, Uncertain tax positions, Classified balance sheet, and Tax expense
- International – International income tax developments
- International – US Tax Court’s Altera decision raises broader questions
- Periods and methods – Temporary regulations revise determination of wages for Section 199 deductions for short taxable years
- Periods and methods – Rev. Proc. 2015-13 (as modified by Rev. Proc. 2015-33) and Rev. Proc. 2015-14 – New three-month window open for certain taxpayers under exam to file a change in accounting method
- US Federal – Proposed Section 367(a)/(d) regulations eliminate tax-free transfers of foreign goodwill and going concern value
- US Federal – US transferors of property to a partnership with related foreign partners
- US Federal – Temporary Subpart F regulations change the rules under Section 956 and the active rents and royalties exception; Proposed Section 956 regulations also released
- US Multistate – Alabama, Arizona, Indiana, Kansas, Maryland, Massachusetts, Missouri, New Hampshire, New Jersey, and North Carolina

Did you know?

- Measurement when contingent phased-in changes in tax rates are enacted

Additional resources and developments

- Financial reporting implications related to Greece, Puerto Rico, and other regions experiencing economic struggles

Learn more

- A Roadmap to Accounting for Income Taxes
- Financial Reporting for Taxes Training
- Example Disclosure: Accounting for Income Taxes
- Example SEC Comments: Income Taxes
- International Core of Excellence (ICE) 2015 Country Essentials
- Deloitte Taxation and Investment Guides

More topics

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Katy Hollister

Chief Strategy Officer | Business Tax Services


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