Accounting for Income Taxes: Quarterly Hot Topics


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
  • 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
  • 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

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

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