Accounting for Income Taxes: Quarterly Hot Topics

Perspectives

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 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”)
      • Effect of sequestration on AMT credit
      • Final Treasury Regulations on Transition Tax
      • Proposed Treasury Regulations released on deduction for FDII and GILTI
  • US Multistate
    • New state judicial/legislative updates
      • California, Colorado, Florida, Kentucky, Louisiana, Maryland, New Jersey, New York City, Pennsylvania and City of Philadelphia
    • New legislative updates related to the Tax Act
      • Florida, Idaho, Massachusetts, Mississippi, Missouri, Nebraska, New Jersey, New Mexico, New York, Oregon, Pennsylvania, City of Philadelphia, South Dakota, Utah, Virginia, and West Virginia
  • US International
    • Belgium – ATAD interest deduction limitation rules apply as from January 1, 2019
    • Belgium – EU General Court annuls excess profit rulings state aid decision
    • France – Finance Law for 2019 implements ATAD 1 measures
    • Italy – legislative decree transposing EU ATAD includes significant changes to tax law
    • Italy – 2019 budget law introduces new digital services tax
    • Luxembourg – law implementing ATAD 1 published in official gazette
    • Mexico – rules issued for tax offsets and incentives for taxpayers in northern border region
    • Netherlands – 2019 tax package enacted
    • United Kingdom – new compliance facility introduced for diverted profits tax

Accounting Developments

  • FASB proposes revised improvements to income tax disclosure requirements

Did You Know

  • ASC 842 – Leases is effective for public business entities

Learn More

April 2019
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