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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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The latest issue of Accounting for Income Taxes: Quarterly Hot Topics is now available. This issue discusses several important developments and related ASC 740 considerations. Topics covered in this edition:
October 2021
Tax law developments
- US federal
- Ways and Means Committee approves budget reconciliation tax package
- Deloitte Tax materials on budget reconciliation available
- Credits and incentives for clean energy, community development proposed
- Senators unveil draft bill fleshing out details of international tax “framework”
- Federal periods and methods
- IRS issues procedural guidance for final revenue recognition regulations
- IRS issues procedural guidance for final revenue recognition regulations
- US multistate
- New state administrative, judicial, and legislative updates
- Arizona, Delaware, Florida, Hawaii, Iowa, Louisiana, Maine, New Hampshire, New Jersey, Oregon, Texas, Virginia, and West Virginia
- New state administrative, judicial, and legislative updates
- International
- Multiple jurisdictions
- OECD: Inclusive framework statement agrees taxation of digital economy, global minimum rate
- Australia: Accounting for the revised R&D tax incentive
- Brazil: Chamber of Deputies approves income tax reform bill
- China: STA issues simplified procedures for unilateral APAs
- France: 2021 Amended finance bill becomes law
- Germany: Federal Constitutional Court rules interest rate on tax payments unconstitutional
- Germany: Updated transfer pricing principles provide new MOF guidance on financing structures
- Germany: MOF grants extension of deadline for certain ORIP-related filings
- India: CBDT provides formula to recalculate minimum alternate tax following TP adjustments
- Mexico: Large taxpayers with low effective tax rates may be subject to increased audit risk
- Russia: Recent developments affecting IT companies
- United Kingdom: New patent box regime
- United Kingdom: Notifications of uncertain tax positions
- Multiple jurisdictions
Accounting developments
- Environmental, social, and governance (ESG)
- Reminder: FASB ASU 2019-12, Simplifying the Accounting for Income Taxes, now effective
- Reminder: FASB ASU 2020-06, Accounting for Convertible Instruments & Contracts in an entity’s own equity
- Other
October 2021
