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.

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April 2018

Tax law developments

  • US Federal
    • IRS Notice 2018-07: Guidance under Section 965
    • IRS Notice 2018-13: Additional Guidance Under Section 965 and Guidance Under Sections 863 and 6038 in Connection with the Repeal of Section 958(b)(4)
    • IRS Rev. Proc. 2018-17: New procedural guidance limits certain specified foreign corporations’ ability to change tax years
    • ‘Omnibus’ spending deal includes ‘grain glitch’ fix, low-income housing credit boost, pre-2017 tax technical corrections 
  • Multistate
    • Georgia, Idaho, New Hampshire and Texas
    • Multistate tax considerations of federal tax reform
      • California, Georgia, Idaho, Michigan, North Carolina, Pennsylvania, Virginia, West Virginia, and Wisconsin
  • Amnesty Voluntary Disclosure
    • Alabama and Texas
  • Did You Know?
    • New York
  • International
    • Argentina: Tax Reform
    • Belgium: Corporate tax reform measures in phased approach
    • Belgium: Constitutional court annuls fairness tax
    • France: Amended finance bill for 2017 and finance bill for 2018 enacted
    • Italy: 2018 budget law
    • Poland: Major corporate tax reform enacted
    • Turkey: Corporate tax rate increased for three years
  • Accounting Developments
    • FASB tentatively decides to relieve entities from implementing certain aspects of the new leasing standard
    • FASB issues ASU on reclassifying certain tax effects from AOCI
    • SEC issues SAB 118 implementation guidance on accounting for the impact of the Tax Cuts and Jobs Act
    • FASB makes decisions about the application of income tax guidance to certain tax reform provisions 
    • AICPA issues guidance with respect to tax accounting considerations under the new federal partnership audit regime

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April 2018
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