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.

Explore content

Subscribe and archives

Subscribe to receive Accounting for Income Taxes: Quarterly Hot Topics directly via email.

Recent editions appear below; for older issues, please email a request to

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
Did you find this useful?