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Accounting for Income Taxes
Quarterly Hot Topics
Accurate and compliant income tax accounting is fundamental for financial reporting. Evolving regulations, legislative changes, and shifting business environments create a dynamic landscape, where staying informed is crucial. The Accounting for Income Taxes Quarterly newsletter brings to you recent tax and accounting developments that may have accounting for income tax (ASC 740) implications. Subscribe now and join the growing community of professionals who rely on Deloitte's Accounting for Income Taxes Quarterly to stay up-to-date on the latest tax accounting developments, including regulatory updates, legislative changes, and court rulings.
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The April issue of Accounting for Income Taxes: Quarterly Hot Topics is now live! This issue discusses several important tax developments and related ASC 740 considerations.
April 2024
In this edition:
1. Tax Developments:
- US Federal:
- Corporate, high-wealth tax increases included in fiscal year 2025 budget blueprint
- SECURE 2.0 – interim guidance
- Corporate, high-wealth tax increases included in fiscal year 2025 budget blueprint
- US Multistate:
- California: Updated FTB guidance addresses credit assignments among combined group members
- Florida: State limitation for NOL carryforwards subject to section 382 deemed the same as federal amount
- Indiana Tax Court reaffirms broader scope of addition adjustment for income taxes paid to other states
- New Mexico: New law provides flat corporate income tax rate and includes Subpart F income in tax base
- New York: ALJ says company is a qualified New York manufacturer despite engaging subcontractor for production
- Texas: Labor costs for repairing customer-owned parts not includable within cost of goods sold
- West Virginia: New law generally updates state conformity to Internal Revenue Code AND MORE…
- California: Updated FTB guidance addresses credit assignments among combined group members
- International:
- Pillar One Amount B methodology optional for countries under newly released guidance
- United Kingdom: Finance Act 2024 receives royal assent
- Pillar One Amount B methodology optional for countries under newly released guidance
2. Accounting developments:
- Frequently asked questions about Pillar Two
- Executive summary of the SEC’s landmark climate disclosure rule
3. Up-C structure services
Visit the Accounting for Income Taxes Quarterly page on www.deloitte.com to access this newsletter as well as previous issues to stay up to date on income tax accounting updates.
April 2024
