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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.

April 2025

The April 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:
    • Notice 2025:08 Update to the elective safe harbor for domestic content requirements
    • Final regulations on disregarded payment loss and dual consolidated loss rules
    • Summary of proposed regulations on certain employee remuneration above US$ 1 million
    • Highlights of proposed regulations on corporate separations and reorganizations
    • Final and proposed regulations modifying consolidated return regulations
  • US Multistate:
    • California: Franchise Tax Board (FTB) summarizes 2024 legislation that suspended NOLs and limits some credits
    • District of Columbia: Amended rule requires some taxpayers to attach federal return to filed return
    • Idaho: New law lowers corporate income tax rate from 5.695% to 5.3%
    • Michigan: New law creates research and development corporate income tax credit
    • New Jersey: Proposed new and amended rules reflect significant changes to corporate business tax (CBT) regime
  • International:
    • OECD Pillar Two: Qualified jurisdictions and further guidance
    • France: 2025 Finance Bill adopted by Parliament
    • India: Finance Bill 2025 enacted
    • Japan: 2025 Tax Reform enacted
    • Mexico: Tax incentives to support “Mexico Plan” national strategy
    • Switzerland: Safe harbor intercompany interest rates for 2025 announced
    • United Kingdom: Finance Act 2025 receives royal assent

2. Upcoming Conferences – Mark your calendar!

  • Deloitte Tax Accounting Conference from May 5-9, 2025, live in Orlando, Florida. The conference offers three different courses over the one-week period. Each course will cover ASC 740 topics reflecting today’s complex tax environment. Click REGISTER NOW to join.
  • Deloitte Tax Accounting Conference: Partnership Structures & UP-Cs from September 15-17, 2025, live in Charlotte, North Carolina. More details and registration coming soon.
April 2025

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