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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July 2018

Tax law developments

  • US Federal
    • Notice 2018-26: Transition tax on foreign earnings
    • Notice 2018-28: Initial guidance for computing business interest expense limitation under IRC section 163(j)
    • Notice 2018-30: Modification to Notice 2003-65 regarding application of IRC section 168(k) for IRC section 382 purposes
    • Notice 2018-35: Transitional guidance related to advanced payments
    • Notice 2018-38: 2018 Fiscal-year blended tax rates for corporations
    • Notice 2018-57: Defers applicability of final IRC section 987 regulations by one more year, allows temporary regulations to sunset
  • Federal Tax Accounting Methods and Periods
    • Automatic consent to change a method of accounting for the adoption of ASC 606 or IFRS 15

Multistate

  • Recent US Supreme Court decision - Wayfair
  • New legislative updates
    • Alabama, Colorado, Florida, Iowa, Kentucky, Louisiana, Maryland, Missouri, Pennsylvania, Tennessee, Texas and Utah
  • Multistate tax considerations of federal tax reform
    • Alabama, Arizona, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kentucky, Michigan, Nebraska, New Hampshire, New York, New York City, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee and Wisconsin
  • Amnesty Voluntary Disclosure
    • Indiana and Massachusetts
  • International
    • India: Finance Act 2018 enacted
  • Accounting Developments
    • CAQ SEC Regulations Committee releases highlights of March 13, 2018, joint meeting with the SEC staff
    • ASU 2018-07: FASB simplifies the accounting for share-based payment arrangements with non-employees

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July 2018
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