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.

January 2020

Tax law developments

  • US Federal
    • New federal administrative/legislative/judicial updates
      • Treasury and the IRS issue final Treasury Regulations and an advance notice of proposed rulemaking under IRC section 385
      • Final IRC section 707 Treasury Regulations released
      • Treasury and the IRS release IRC section 162(m) proposed Treasury Regulations
      • Proposed Treasury Regulations issued on treatment of certain payments made in exchange for state and local tax credits
  • US Federal Tax Accounting Methods and Periods
    • Revenue Procedure 2019-43 provides an updated list of automatic accounting method changes
  • US Federal Financial Instruments
    • Further IRS guidance on virtual currency transactions
  • US International
    • Treasury and the IRS issue guidance on LIBOR transition
    • Final and proposed BEAT Treasury Regulations released
    • Final and proposed foreign tax credit Treasury Regulations released
    • Notice 2019-65: Defers applicability of final IRC section 987 Treasury Regulations by one more year
    • Final ownership attribution regulations issued under IRC section 954
  • US Multistate
    • New state administrative/judicial/legislative updates
      • Alabama, California, Colorado, Hawaii, Illinois, Indiana, Louisiana, Maryland, Massachusetts, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Oregon, Pennsylvania, City of Philadelphia, Texas, Utah, Virginia, and Wisconsin
    • Multistate tax considerations related to the Tax Act
      • Florida, Indiana, Iowa, Louisiana, Massachusetts, Montana, Nebraska, New York City, and Virginia
    • Administration/Amnesty/Voluntary Disclosure
      • Pennsylvania
    • International
      • India

Accounting Developments

  • FASB changes some effective dates for certain new Accounting Standards 
  • FASB issues ASU to simplify the accounting for income taxes        
  • AICPA Technical Questions and Answers on IRC section 163(j) is now available

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  • Tax Accounting Conference
January 2020

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