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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July 2019

Tax law developments

  • US Federal
    • Treasury and the IRS recently issued proposed Treasury Regulations and Notices related to the Tax Cuts and Jobs Act (the “Tax Act”)
      • Global Intangible Low-Taxed Income (“GILTI”) final Treasury Regulations released
      • Proposed Treasury Regulations released for guidance under IRC section 958 and GILTI high-tax exception
      • IRC section 245A temporary Treasury Regulations released
      • Final Treasury Regulations address deemed repatriation of earnings to domestic corporations
      • Proposed Treasury Regulations released on Qualified Opportunity Zones
    • Final Treasury Regulations issued on recognition and deferral of IRC section 987 gain or loss
  • US Multistate
    • New state administrative/judicial/legislative updates
      • Arizona, Arkansas, Colorado, Georgia, Indiana, Kentucky, Maryland, Massachusetts, New Jersey, New Mexico, New York, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah and Virginia
    • New legislative updates related to the Tax Act
      • Alabama, Arizona, Hawaii, Idaho, Illinois, Iowa, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New York, North Carolina, Oregon, Pennsylvania, City of Philadelphia, Tennessee, and Virginia
    • New administrative updates
      • Illinois
  • International
    • Japan 2019 tax reform measures enacted
    • Luxembourg 2019 budget law approved
    • Switzerland voters approve corporate tax reform bill
    • United Kingdom tax on offshore receipts in respect of intangible property

Accounting Developments

  • FASB issues transition relief for entities adopting the new credit loss standard
  • FASB proposes simplifications to accounting for income taxes

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July 2019
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