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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The October issue of Accounting for Income Taxes: Quarterly Hot Topics is live! This issue discusses several important tax developments and related ASC 740 considerations. Topics covered in this edition:

October 2022

Tax law developments

  • US Federal
    • Inflation Reduction Act becomes law
    • "CHIPS" bill with tax break for domestic semiconductor makers becomes law
    • IRS issues proposed regulations under section 1256, reversing Wright        
  • US Multistate
    • Multistate Tax Commission says states adopting its P.L. 86-272 Statement should also adopt its Factor Presence Nexus Standard
    • New state administrative/judicial/legislative updates:
      • Alabama
      • Michigan
      • Tennessee
      • Alaska
      • New Hampshire
      • Texas
      • Arkansas
      • New Jersey
      • Vermont
      • California
      • New York
      • Virginia
      • Illinois
      • North Carolina
      • Washington
      • Iowa
      • Oregon
      • West Virginia
      • Maryland
      • Pennsylvania
  • International
    • Multiple jurisdictions
      • OECD: Five EU member states issue joint release committing to implement Pillar Two in 2023
      • Brazil: Software license royalties paid to foreign indirect shareholder not deductible
      • France:
        • 2022 amended finance law and “purchasing power law” enacted
        • Foreign tax credits may offset tax due on dividend lump sum add-back
      • Germany: MOF grants another extension of the filing deadline for certain ORIP-related filings
      • India: CBDT issues guidance on exclusions from definition of virtual digital assets

Accounting developments

  • FASB Issues Proposed ASU - Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

Up-C structure services

  • Other 
October 2022

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