The latest issue of Accounting for Income Taxes: Quarterly Hot Topics is now available. This issue discusses several important developments and related ASC 740 considerations. Topics covered in this edition:

April 2022

Tax law developments

• US federal
  • White House releases FY 2023 budget proposal, ‘Green Book’
    
  • Final and proposed domestic passthrough entity rules
    
  • IRS releases final regulations on transition away from LIBOR
• Federal periods and methods
  
  • Section 174 expenditures subject to capitalization for taxable years beginning after December 31, 2021
  • IRS issues updated list of automatic changes
• US multistate
  
  • New state administrative/judicial/legislative updates
    
    • Alabama, California, Colorado, Connecticut, Florida, Idaho, Indiana, Iowa, Massachusetts, New York, North Carolina, Pennsylvania, South Dakota, Texas, Utah, Virginia, and West Virginia
      
• International
  • Multiple jurisdictions
    • OECD
      • 2022 edition of OECD transfer pricing guidelines released
        
      • OECD announces release of commentary on Pillar Two model rules for global minimum tax
        
    • China: Tax deferrals introduced to support infrastructure REITs
      
    • France: Administrative Supreme Court rules on definition of resident for tax treaty purposes
      
    • Italy: 2022 budget law enacted, including modifications to tax incentives
      
    • Italy: Transfer of tax attributes may be limited in case of indirect change of ownership
      
    • UK: Finance Act 2022 enacted
      
    • UK: HMRC publishes updated hybrid guidance
      
    • Germany: MOF publishes decrees detailing the application of the royalty barrier rule

Accounting developments

• Financial reporting considerations arising from the Russia-Ukraine War
• Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method
  

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Archive

January 2022

October 2021

July 2021

April 2021

January 2021

October 2020