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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.
January 2025
The January issue of Accounting for Income Taxes: Quarterly Hot Topics is now live! This issue discusses several important tax developments and related ASC 740 considerations.
Here are some featured articles in this edition:
1. Tax Developments:
- US Federal:
- IRS modifies procedural guidance for section 174 method changes
- Final section 48 regulations released
- Final and proposed section 987 regulations released
- IRS finalizes partnership regulations for recourse liabilities, including liabilities between related persons
- Proposed corporate AMT regulations: AFSI adjustments for section 168 property
- IRS modifies procedural guidance for section 174 method changes
- US Multistate:
- Illinois DOR addresses sourcing sales of TPP and destination of products to third-party warehouses or distribution locations
- Michigan Department of Treasury Bulletin addresses NOLs and business loss computations under several scenarios
- Minnesota Tax Court holds sourcing of services under cascading rules is not limited to direct customers
- Appellate court affirms that commission payments to federal “DISC” are nondeductible for UBT purposes
- International:
- Hong Kong: Court of Appeal rules on taxability of upfront payment and source of royalties
- India: CBDT issues circular answering FAQs on direct tax resolution scheme
- Luxembourg: New tax measures for companies adopted by Chamber of Deputies
- United Kingdom: Treasury publishes regulations for the repayment of CFC state aid amounts collected
Accounting Development:
- FASB proposes guidance on the accounting for government grants
2. Mark your calendar for the Deloitte Tax Accounting Conference from May 5-9, 2025, live in Orlando, Florida. More details and registration coming soon.