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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.
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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
- Federal Subchapter C
- 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
- New state administrative, judicial, and legislative updates
- 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