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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September 2017

Accounting developments

  • Heads Up—FASB makes targeted changes to guidance on accounting for certain financial instruments with down-round features

Tax law developments

  • US Federal
    • Disgorgement payments made by defendants in enforcement actions brought by the U.S. Securities and Exchange Commission
    • Notice 2017-36 delays application of Section 385 documentation regulations
    • Federal research tax credit safe-harbor based on ASC 730 costs
  • Multistate
    • California, Illinois, New Hampshire, North Carolina, Texas
    • Amnesty/Voluntary Disclosures
      • Multistate Tax Commission
      • Ohio, Rhode Island, Texas, Virginia
    • IRS Conformity
  • International
    • Germany: Restriction on deductibility of royalty payments enacted
    • Australia: Chevron withdraws appeal to the High Court in Australia in landmark transfer pricing case
  • On the Horizon
    • Multistate Tax Commission
    • State Conformity to Federal Provisions—Exploring the Variances
    • Oregon
    • France: Supreme Administrative Court issued two preliminary decisions involving the application of the foreign tax credit
    • OECD: Draft of 2017 update to model tax treaty released

Did you know

  • Financial Reporting Alert 17 – 6, Financial Reporting Implications of Disasters
  • State Enterprise Zone Programs

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September 2017
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