Accounting for Income Taxes

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

• A Roadmap to Accounting for Income Taxes
• Tax Accounting Conference
  

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