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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Recent editions appear below; for older issues, please email a request to ustaxnews@deloitte.com.

January 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”)
      • New IRC section 163(j) proposed regulations released
      • Foreign Tax Credit proposed Treasury Regulations released
      • Base Erosion Avoidance Tax proposed Treasury Regulations released
      • IRC sections 245A and 267A proposed Treasury Regulations released
  • US Federal Tax Accounting Methods and Periods
    • Beginning of construction rules issued for the energy investment tax credit
    • Final Treasury Regulations under IRC section 263A released
    • Notice 2018-99 provides guidance for parking expenses for qualified transportation fringe benefits
    • Investing in Qualified Opportunity Funds (qualified Opportunity Zone Incentive)
  • US Federal Financial Instruments
    • The commitment fees paid on a revolving loan as deductible in the year incurred upheld by the IRS
  • US Federal Employee Benefits
    • Notice 2018-97 released
  • US International
    • IRC section 956 proposed Treasury Regulations released
    • Notice 2019-01: previously taxed earnings and profits accounts guidance released
  • US Partnerships
    • IRC section 864(c) proposed Treasury Regulations released
  • US Multistate
    • New state judicial updates
      • California, Colorado, Illinois, Iowa, Kentucky, New Jersey, Ohio, Puerto Rico, Texas, Utah and Wisconsin
    • Multistate tax considerations of the Tax Act
      • Proposed IRC section 965 and GILTI Regulations may result in federal/state income tax differences
    • New legislative updates
      • Arkansas, Georgia, Iowa, Louisiana, Maine, Maryland, Massachusetts, Missouri, Montana, New York City, New Jersey, Oklahoma, Oregon, and South Carolina
    • Amnesty Voluntary Disclosure
      • New Jersey

Accounting Developments

  • FASB amends guidance on cloud computing arrangements
  • FASB discusses feedback on proposed disclosure requirements related to income taxes

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January 2019
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