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 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

Up-C structure services

April 2022

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