Accounting for Income Taxes Quarterly | Deloitte US | Tax

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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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March 2016

Accounting developments

  • FASB’s new standard brings most leases onto the balance sheet
  • FASB amends guidance on classification and measurement of financial instruments
  • FASB simplifies the accounting for share-based payments
  • Disclosure framework – FASB makes tentative decisions about income tax disclosure

Tax law developments

  • Tax law developments – Overview, Uncertain tax positions, Classified balance sheet, and Tax expense
  • International – International income tax developments
  • US Federal – Final regulations under Sections 367, 1248 and 6038B
  • US Federal – Treasury and IRS publish temporary regulations modifying the rules applicable to the allocation of creditable foreign tax expenditures by partnerships
  • US Federal – Revenue Procedure 2016-13: IRS updates penalty guidance for return disclosures
  • US Federal – District court strikes down Puerto Rico’s corporate AMT
  • US Multistate – California, Colorado, Delaware, Georgia, Idaho, Illinois, Iowa, Louisiana, Maine, Massachusetts, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Virginia, West Virginia

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