Accounting for Income Taxes: Quarterly Hot Topics


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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June 2016

Accounting developments

  • FASB makes additional tentative decisions about income tax disclosure requirements
  • FASB begins redeliberating project on business entities’ disclosures about government assistance
  • FASB finalizes decisions on income tax consequences of intra-entity asset transfers
  • SEC urges companies to take a fresh look at their non-GAAP measures
  • FASB simplifies the accounting for share-based payments

Tax law developments

  • Tax law developments – Overview, uncertain tax positions, classified balance sheet, and tax expense
  • International – International income tax developments: Australia, India, United Kingdom
  • US Federal – Proposed regulations under Sections 385
  • US Federal – IRS Chief Counsel Advice (CCA) on treatment of deferred revenue following stock acquisition
  • US Federal – Revenue Procedure 2016-29: Automatic change procedure updates
  • US Multistate – Connecticut, Massachusetts, Michigan, New Jersey, New York, North Carolina, and Tennessee
  • US Multistate – IRS Conformity Update: Arizona, Florida, Hawaii, Indiana, Kentucky, North Carolina, South Carolina, and Vermont
  • US Multistate – State Amnesty Programs in Alabama and Arizona

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Katy Hollister

Chief Strategy Officer | Business Tax Services


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