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 2020

Tax law developments

  • US Federal
    • CARES Act signed into law
    • Qualified Opportunity Fund Final Treasury Regulations released
    • Final Treasury Regulations released under IRC section 721(c) for contributions to partnerships with foreign partners
    • Proposed Treasury Regulations on meals, entertainment, and fringe benefits released
    • Final Treasury Regulations covering covered asset acquisitions released
  • US Multistate
    • New state administrative/judicial/legislative updates 
      • Colorado, Florida, Idaho, Indiana, Iowa, Louisiana, Maine, Maryland, Michigan, Mississippi, Montana, New Jersey, New Mexico, New York, North Carolina, Oregon, Rhode Island, Texas, Utah, Virginia, West Virginia and Wisconsin
    • Multistate tax considerations related to the Tax Act
      • Iowa, Massachusetts, Michigan and New Hampshire
  • International
    • India 2020 tax amnesty scheme enacted
    • Italy 2020 budget law enacted 
    • Luxembourg ATAD 2 implemented into law 
    • Mexico 2020 tax reform enacted
    • Netherlands Tax Plan 2020 package and ATAD 2
  • Controversy
    • Revenue Procedure 2019-42: IRS Updates Penalty Guidance for Return Disclosures

Accounting Developments

  • Financial reporting considerations related to COVID-19 and an economic downturn
  • FASB Board Meets to Discuss Proposed ASU on Income Tax Disclosures 

Additional Resources and Other Interesting Developments

  • Report on transfer pricing of financial transactions released 

Did You Know?

  • 2019 proposed BEAT regulations
  • Key measures from the 2020 UK Spring Budget
April 2020
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