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

October 2018

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”)
      • IRC section 965: Transition tax proposed Treasury Regulations released
      • IRC section 168: 100% bonus depreciation proposed Treasury Regulations released
      • Notice 2018-68: Executive compensation deduction limitation Notice released
      • IRS clarifies application of proposed Treasury Regulations on treatment of certain payments made in exchange for state and local tax credits to business taxpayers
      • Global Intangible Low Taxed Income proposed Treasury Regulations released
  • US Federal Tax Accounting Methods and Periods
    • CCA memorandum decision on success-based fee deduction and safe harbor election
  • Multistate
    • Recent US Supreme Court decision – Wayfair
    • New state judicial updates
      • Maryland, Massachusetts, New Jersey, Oregon, Texas and Wisconsin
    • New legislative updates
      • Alaska, Florida, Missouri, New Jersey, North Carolina
    • Multistate tax considerations of the Tax Act
      • Alabama, Connecticut, Georgia, Hawaii, Idaho, Indiana, Kentucky, Maine, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Carolina, North Dakota, Oregon, Pennsylvania, City of Philadelphia, Rhode Island, Utah, and Vermont
    • Amnesty Voluntary Disclosure
      • Indiana and New Jersey
  • International
    • Argentina: Classification as a highly inflationary economy under US GAAP
  • Did You Know?
    • Accounting for when the country in which a foreign entity operates becomes highly inflationary
    • Multistate tax considerations associated with IRC section 163(j) and Notice 2018-28
  • Accounting Developments
    • FASB releases targeted improvements to ASC 842
    • Accounting Standards Update Number 2018-09 – Codification Improvements

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October 2018
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