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Accounting for Income Taxes
Quarterly Hot Topics
Accurate and compliant income tax accounting is fundamental for financial reporting. Evolving regulations, legislative changes, and shifting business environments create a dynamic landscape, where staying informed is crucial. The Accounting for Income Taxes Quarterly newsletter brings to you recent tax and accounting developments that may have accounting for income tax (ASC 740) implications. Subscribe now and join the growing community of professionals who rely on Deloitte's Accounting for Income Taxes Quarterly to stay up-to-date on the latest tax accounting developments, including regulatory updates, legislative changes, and court rulings.
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Recent editions appear below; for older issues, please email a request to ustaxnews@deloitte.com.
October 2024
The October issue of Accounting for Income Taxes: Quarterly Hot Topics is now live! This issue discusses several important tax developments and related ASC 740 considerations.
Here are some featured articles in this edition:
1. Tax Developments:
- US Federal:
- Tax Alert: Overview of CAMT proposed regulations
- Notice provides relief for underpayment of estimated income tax attributable to CAMT
- IRS issues corrections to the reproposed section 954 and section 988 regulations
- IRS modifies procedural guidance for section 174 method changes
- IRS announces opening of 2025 CAP program
- Tax Alert: Overview of CAMT proposed regulations
- US Multistate:
- District of Columbia Office of Tax Revenue reminds of upcoming switch to Finnigan apportionment and repeal of qualified hi-tech benefit
- Illinois Department of Revenue explains new law limiting net operating loss (NOL) deduction to $500k and resulting estimated payment implications
- Massachusetts Amnesty Program offering potential 100% penalty waiver begins November 1
- New York City Department of Finance revises plans on rules implementing business corporation tax
- Pennsylvania Department of Revenue summarizes law changes involving NOLs, intercompany intangible expense addback, and bank shares tax
International:
- Germany: Ministry of Finance issues new administrative guidance on advance pricing agreements
- Hong Kong: Inland Revenue Department publishes updated frequently asked questions on foreign-sourced income exemption regime
- Mexico: Qualified Maquiladora Approach for 2020-2024 Maquiladora APA Program renewed
- United Kingdom: HMRC publishes transfer pricing guidelines for compliance
2. Register for the upcoming virtual edition of the Deloitte Tax Accounting Conference from December 9-13, 2024, to learn insights and strategies to tackle the latest challenges in tax accounting, specifically those associated with ASC 740.
October 2024
