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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.
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
- Treasury and the IRS recently issued proposed Treasury Regulations and Notices related to the Tax Cuts and Jobs Act (the “Tax Act”)
- 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
- New state judicial updates
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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