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Accounting for Income Taxes
Quarterly Hot Topics
Accurate and compliant income tax accounting is fundamental for financial reporting. Evolving regulations, legislative changes, and shifting business environments create a dynamic landscape, where staying informed is crucial. The Accounting for Income Taxes Quarterly newsletter brings to you recent tax and accounting developments that may have accounting for income tax (ASC 740) implications. Subscribe now and join the growing community of professionals who rely on Deloitte's Accounting for Income Taxes Quarterly to stay up-to-date on the latest tax accounting developments, including regulatory updates, legislative changes, and court rulings.
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Recent editions appear below; for older issues, please email a request to ustaxnews@deloitte.com.
July 2024
The July issue of Accounting for Income Taxes: Quarterly Hot Topics is now live! This issue discusses several important tax developments and related ASC 740 considerations.
In this edition:
1. Tax Developments:
- US Federal:
- Updated regulations on corporate stock buyback excise tax released
- Notice extends relief for underpayment of estimated income tax attributable to CAMT
- Supreme Court overrules Chevron deference to government agency regulations
- Updated regulations on corporate stock buyback excise tax released
- US Multistate:
- California new law suspends NOLs, limits certain tax credits, and clarifies apportionment, creates refundable credits
- Colorado new law temporarily lowers income tax rate from 4.40% to 4.25% for 2024 tax year
- Georgia new law lowers corporate income tax rate to match individual income tax rate reductions
- Illinois fiscal year 2025 state budget tax highlights: New law limits NOL deduction to $500K, revises financial institution apportionment, and increases franchise tax credit
- New York enacted budget does not increase corporate income tax rate but does contain various tax provisions
AND MORE…
International:
Multiple Jurisdictions
- Resource guide on the OECD's Pillar One Amount B report
- New OECD administrative guidance clarifies application of Pillar Two minimum tax
Belgium - Parliament adopts new Pillar Two law
Germany - New transfer pricing rules for intercompany financing contain tightened provisions
2. Accounting developments:
- Frequently asked questions about Pillar Two
3. Up-C structure services
July 2024
