Accounting for Income Taxes: Quarterly Hot Topics

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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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Recent editions appear below; for older issues, please email a request to ustaxnews@deloitte.com.

April 2021

Tax law developments

  • US federal
    • Federal Subchapter C
      • Summary of provisions under new final Section 163(j) Treasury Regulations applicable to consolidated groups
      • American Rescue Plan Act (H.R. 1319)
    • Federal Subchapter K
      • Partnership interests held in connection with performance of services: Final Regulations
    • Federal employee benefits
      • Extension and enhancement of paid sick and family leave credits
    • US international
      • IRC section 163(j) final Treasury Regulations and impacts to controlled foreign corporations
    • Federal periods and methods
      • Final Treasury Regulations issued under IRC section 162(f) and section 6050X
      • Final IRC section 451 Treasury Regulations
      • Final Treasury Regulations for the Carbon Capture Credit
  • US multistate
    • New state administrative, judicial, and legislative updates
      • Alabama, California, Colorado, Delaware, Idaho, Louisiana, Missouri, Nebraska, New Hampshire, New Jersey, New York City, North Carolina, Oregon, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, and Wisconsin
  • International
    • Multiple jurisdictions
    • Germany: Overview of updated transfer pricing administrative guidance from tax authorities
    • Germany: MOF publishes decree on extraterritorial taxation of royalties and IP transfers
    • India: Highlights of 2021/22 union budget
    • Italy: 2021 budget law enacted, including tax incentives to encourage investment
    • Japan: Enacted Tax Reform
    • Luxembourg: Tax authorities release guidance on interest limitation rules
    • Luxembourg: Deduction will be denied for certain related entity payments as from March 1, 2021
    • Mexico: Tax incentives granted in northern and southern border regions
    • United Kingdom: Key measures from Spring Budget 2021 for non-UK-owned groups
    • United Kingdom: An early analysis of the UK-EU trade deal

Accounting developments

  • Reminder: FASB ASU 2019-12, Simplifying the Accounting for Income Taxes, now effective
  • COVID-19
  • Other

Additional resources and other interesting topics

  • Paycheck protection program loan guidance issued
  • Employee retention credit guidance, enhancements, and extension
April 2021
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