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ASC 740 in a COVID-19 world

Part of the Tax News & Views podcast series

There are plenty of challenges when it comes to accounting for income taxes, from forecasting, to non-routine transactions, to deferred taxes, to analyzing new legislation and guidance, all of which can create complexity. With the COVID-19 pandemic and the impact on economic conditions, it’s crucial that companies face ASC 740 challenges head on, while looking for opportunities to add value.

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Tax podcast: ASC 740 in a COVID-19 world

October 13, 2020

In addition to the usual challenges associated with accounting for income taxes, departments are now having to operate in an uncertain (and virtual) environment due to COVID-19 and the related impact the pandemic is having on economic conditions.

Tax departments are facing specific challenges today that include analyzing new legislation and guidance so the financial statement impact can be recorded, dealing with domestic and foreign deferred taxes, calculating non-routine transactions, and working virtually.

On this episode, Vickie Carr, partner and US leader, National Tax Accounting Group at Deloitte Tax LLP, and Samantha Pietsch, managing director at Deloitte Tax LLP, discuss some of the unique challenges and opportunities related to ASC 740 during the age of COVID.

Forecasting touches a lot of different areas in tax accounting. And it’s really key for analyzing the valuation allowance, and it’s the foundation for calculating the interim provision that companies do quarterly. And in some cases, the ability to forecast in this economic environment, that has really called into question the reliability of the annual effective tax rate that’s used to record taxes quarterly.

—Vickie Carr

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