Perspectives

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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December 2014 (updated)

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December 2014 (updated)

Accounting developments

- FASB’s Accounting for Income Taxes Project
- FASB’s Share-based Compensation Project
- Preparing effective disclosures
- AICPA Conference on PCAOB and SEC developments

Tax law developments

- Tax law developments – Overview, Uncertain tax positions, Classified balance sheet, and Tax expense
- International – Ireland Finance Act 2014: Impact on multinational corporations
- International – Italy changes IRAP tax rates
- International – Peru tax reform
- International – Russia enacts law introducing fundamental changes to taxation of foreign entities
- International – Spain corporate tax reform enacted
- International – Thailand: New investment promotion strategy announced
- U.S. Federal – Tax extenders bill becomes law
- U.S. Federal – IRS accepts charge-off amounts reported by banks and bank subsidiaries for GAAP and regulatory purposes as sufficient evidence of worthlessness under Section 166
- U.S. Multistate – Michigan, New Hampshire, New Jersey, Ohio, and Texas

Looking forward

- Looking forward – Overview
- District of Columbia FY 2015 Budget Support Act of 2014

September 2014

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September 2014

Accounting developments

- FASB adds an income taxes project to its agenda
- FASB revisits proposed elimination of leveraged leases
- IASB proposes amendments to IAS 12

Tax law developments

- Tax law developments: Overview: Uncertain tax positions, Classified balance sheet, and Tax expense
- International: Chile tax reform bill approved by Congress
- International: France Amended Finance Law for 2014 passed
- International: India’s Delhi High Court clarifies tax consequences of indirect share transfers
- International: Italy changes to  IRAP tax rates enacted
- International: Puerto Rico tax law change
- US Federal: US anti-inversion developments
- US Federal: IRS memorandum provides implementation guidance for Phase 2 of the Appeals Judicial Approach and Culture (AJAC) Project
- US Federal: Final regulations on dispositions of depreciable property and general asset accounts
- US Federal: Research & experimentation expenditures
- US Federal: Final identified mixed straddle regulations to apply prospectively
- US Federal: Public utility ratemaking developments
- US Multistate: Alaska, California, Louisiana, Michigan, New York City, North Carolina, and Vermont

Looking forward

- Looking forward: Overview
- India budget for 2014-15 announced
- Spain broad-based corporate tax reform proposed
- Switzerland draft legislation on Corporate Tax Reform III published
- OECD releases guidance on transfer pricing issues

June 2014

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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
- US Federal: IRS publishes guidance on how tax principles apply to transactions using convertible virtual currency
- US 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

March 2014

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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

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Chief Strategy Officer | Business Tax Services

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