Accounting for Income Taxes: Quarterly Hot Topics

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.

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 ustaxnews@deloitte.com.

October 2019

Tax law developments

  • US Federal
    • New federal administrative/legislative/judicial updates
      • PLR rules that subsidiary REIT qualifies for the publicly offered REIT exception to the preferential dividend rule
      • IRS issues Proposed Treasury Regulations addressing the determination of built-in gains and losses under IRC section 382
    • Treasury and the IRS recently issued proposed Treasury Regulations and Notices related to the Tax Cuts and Jobs Act (the “Tax Act”)
      • Notice 2019-46: domestic partnerships and S corporations filing under the GILTI Proposed Treasury Regulations
      • Final Treasury Regulations withdrawing Treasury Regulation section 1.451-5 for advance payments received for the sale of goods issued
      • Bonus depreciation time sensitive election/revocation relief available
      • Proposed Treasury Regulations and new procedural guidance for revenue recognition under IRC section 451 issued
      • IRC section 168(k) Final and 2019 Proposed Treasury Regulations for bonus depreciation released
  • US Multistate
    • New state administrative/judicial/legislative updates
      • California, Connecticut, Hawaii, Illinois, Kentucky, Louisiana, Maine, Montana, New Hampshire, New Jersey, Oregon, Rhode Island, Tennessee, Texas and Utah
    • Multistate tax considerations related to the Tax Act
      • Arizona, California, Florida, Georgia, Louisiana, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, New York City, Oregon, City of Philadelphia, Tennessee and Vermont
    • Amnesty/Voluntary disclosures
      • Illinois, Kentucky and New Jersey
  • International
    • Protocols to US tax treaties with Japan, Luxembourg, Spain and Switzerland approved
    • The Ninth Circuit reverses the Tax Court in Altera

Accounting Developments

  • FASB tentatively changes effective dates for new Accounting Standards
  • SEC Staff issues statement on LIBOR transition
  • FASB tentatively determines transition method and effective dates for ASU to simply the accounting for income taxes

Learn More

October 2019
Did you find this useful?

Related topics