Accounting for Income Taxes

July 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”)
    • Global Intangible Low-Taxed Income (“GILTI”) final Treasury Regulations released
    • Proposed Treasury Regulations released for guidance under IRC section 958 and GILTI high-tax exception
    • IRC section 245A temporary Treasury Regulations released
    • Final Treasury Regulations address deemed repatriation of earnings to domestic corporations
    • Proposed Treasury Regulations released on Qualified Opportunity Zones
  • Final Treasury Regulations issued on recognition and deferral of IRC section 987 gain or loss

• US Multistate
  • New state administrative/judicial/legislative updates
    • Arizona, Arkansas, Colorado, Georgia, Indiana, Kentucky, Maryland, Massachusetts, New Jersey, New Mexico, New York, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah and Virginia
  • New legislative updates related to the Tax Act
    • Alabama, Arizona, Hawaii, Idaho, Illinois, Iowa, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New York, North Carolina, Oregon, Pennsylvania, City of Philadelphia, Tennessee, and Virginia
  • New administrative updates
    • Illinois
• International
  • Japan 2019 tax reform measures enacted
  • Luxembourg 2019 budget law approved
  • Switzerland voters approve corporate tax reform bill
  • United Kingdom tax on offshore receipts in respect of intangible property

Accounting Developments

• FASB issues transition relief for entities adopting the new credit loss standard
• FASB proposes simplifications to accounting for income taxes

Learn More

• A Roadmap to Accounting for Income Taxes
• Tax Accounting Conference (December 2019 registration coming soon)

Archive

April 2019

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July 2018