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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Recent editions appear below; for older issues, please email a request to ustaxnews@deloitte.com.

October 2019

Tax law developments

  • US Federal
    • New federal administrative/legislative/judicial updates
      • PLR rules that subsidiary REIT qualifies for the publicly offered REIT exception to the preferential dividend rule
      • IRS issues Proposed Treasury Regulations addressing the determination of built-in gains and losses under IRC section 382
    • Treasury and the IRS recently issued proposed Treasury Regulations and Notices related to the Tax Cuts and Jobs Act (the “Tax Act”)
      • Notice 2019-46: domestic partnerships and S corporations filing under the GILTI Proposed Treasury Regulations
      • Final Treasury Regulations withdrawing Treasury Regulation section 1.451-5 for advance payments received for the sale of goods issued
      • Bonus depreciation time sensitive election/revocation relief available
      • Proposed Treasury Regulations and new procedural guidance for revenue recognition under IRC section 451 issued
      • IRC section 168(k) Final and 2019 Proposed Treasury Regulations for bonus depreciation released
  • US Multistate
    • New state administrative/judicial/legislative updates
      • California, Connecticut, Hawaii, Illinois, Kentucky, Louisiana, Maine, Montana, New Hampshire, New Jersey, Oregon, Rhode Island, Tennessee, Texas and Utah
    • Multistate tax considerations related to the Tax Act
      • Arizona, California, Florida, Georgia, Louisiana, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, New York City, Oregon, City of Philadelphia, Tennessee and Vermont
    • Amnesty/Voluntary disclosures
      • Illinois, Kentucky and New Jersey
  • International
    • Protocols to US tax treaties with Japan, Luxembourg, Spain and Switzerland approved
    • The Ninth Circuit reverses the Tax Court in Altera

Accounting Developments

  • FASB tentatively changes effective dates for new Accounting Standards
  • SEC Staff issues statement on LIBOR transition
  • FASB tentatively determines transition method and effective dates for ASU to simply the accounting for income taxes

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October 2019

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