AccountingLink

    Income taxes

    1 July 2015

    Quarterly tax developments - June 2015
    Our June 2015 edition is designed to help you identify changes in tax law and other events when they occur so the accounting can be reflected in the appropriate period. This edition includes enacted and effective tax legislation, legislative proposals and other items to consider as you prepare your income tax provision. We’ve also listed our tax and other publications that provide more detail on the topics we discuss.

    29 May 2015

    Comment Letter - FASB proposal on balance sheet classification of deferred taxes
    In our comment letter, we supported the proposal to eliminate the requirement to classify deferred tax assets or liabilities or any related valuation allowance as current or noncurrent. We also believe the proposal would not significantly affect the quality of information provided to financial statement users.

    29 May 2015

    Comment Letter - FASB proposal on income tax accounting for intercompany sales or transfers
    In our comment letter, we supported the Board’s proposal to eliminate today’s requirement that companies defer the income tax effects of sales or transfers of assets among members of a consolidated group and instead require them to immediately recognize these effects in the income statement. Our support is based principally on the issues and errors we have seen related to the scope and application of today’s requirement, which is an exception to the income tax accounting guidance. However, we note that many preparers have dedicated considerable resources to establishing accounting policies, systems, processes and controls to address today’s accounting. We also acknowledge that the proposal would not eliminate complexity.

    15 April 2015

    To the Point - US GAAP income tax accounting considerations related to the new UK diverted profits tax
    The United Kingdom enacted legislation on 26 March 2015 that imposes a 25% tax on a company’s profits that are generated from economic activity in the UK but are determined to have avoided being taxed in the UK. The so-called diverted profits tax is effective 1 April 2015. Our publication discusses US GAAP income tax accounting considerations related to the new tax.

    31 March 2015

    Quarterly tax developments - March 2015
    Our March 2015 edition is designed to help you identify changes in tax law and other events when they occur so the accounting can be reflected in the appropriate period. This edition includes enacted and effective tax legislation, legislative proposals and other items to consider as you prepare your income tax provision. We've also listed our tax and other publications that provide more detail on the topics we discuss.

    17 February 2015

    To the Point - FASB may add income tax disclosures related to foreign earnings
    The FASB tentatively decided to require additional income tax disclosures related to foreign earnings and indefinite reinvestment assertions. The FASB made these decisions in its review of income tax disclosures, which is part of its disclosure framework project.

    28 January 2015

    To the Point - FASB proposes simplifying income tax accounting
    The FASB issued two proposals to simplify income tax accounting. One proposal would require companies to immediately recognize income tax expense (or benefit) on intercompany transactions in their income statements rather than defer the income tax effects of certain intercompany transactions as they do today. The other proposal would require all deferred tax assets and liabilities to be classified as noncurrent on the balance sheet.

    23 December 2014

    Quarterly tax developments - December 2014
    Our December 2014 edition is designed to help you identify changes in tax law and other events when they occur so the accounting can be reflected in the appropriate period. This edition includes enacted and effective tax legislation as well as, legislative proposals and other items through 19 December 2014 to consider as you prepare your tax provision. We've also listed our tax and other publications that provide more detail on the topics we discuss.

    22 December 2014

    To the Point - Tax extenders reinstated – but only for 2014
    The tax law that President Barack Obama signed on 19 December 2014 retroactively reinstates expired tax provisions known as tax extenders but only for 2014. They include the research and development tax credit, the active financing exception for financial services businesses, a host of renewable energy incentives and bonus depreciation. The income tax accounting effect, including any retroactive effect, of a tax law change is accounted for in the period of enactment.

    8 October 2014

    Quarterly tax developments - September 2014
    Our September 2014 edition is designed to help you identify changes in tax law and other events when they occur so the accounting can be reflected in the appropriate period. This edition includes enacted and effective tax legislation, global tax treaties, and other items through 30 September 2014 to consider as you prepare your tax provision. We've also listed our tax and other publications that provide more detail on the topics we discuss.

    18 September 2014

    Financial Reporting Developments - Income taxes
    We have updated our Financial reporting developments publication on income taxes to enhance our interpretative guidance. See Appendix D for details on these updates.

    9 July 2014

    Quarterly tax developments - June 2014
    Our June 2014 edition is designed to help you identify changes in tax law and other events when they occur so the accounting can be reflected in the appropriate period. This edition includes enacted and effective tax legislation, global tax treaties, and other items through 30 June 2014 to consider as you prepare your tax provision. We've also listed our tax and other publications that provide more detail on the topics we discuss.

    9 April 2014

    Quarterly tax developments - March 2014
    Our March 2014 edition is designed to help you identify changes in tax law and other events when they occur so the accounting can be reflected in the appropriate period. This edition includes enacted and effective tax legislation, global tax treaties, and other items through 31 March 2014 to consider as you prepare your tax provision. We've also listed our tax and other publications that provide more detail on the topics we discuss.

    23 January 2014

    Tax Alert 2014-148: US GAAP income tax accounting considerations of the Mexican 2014 Tax Reform
    The final components of Mexico’s 2014 tax reform (Final Reform) were published in the Official Gazette on 11 December 2013, after having been signed by President Peña Nieto on 6 December 2013. The final step in enacting a tax law in Mexico is for the president to publish the law in the Official Gazette. Therefore, the enactment date of the Final Reform is 11 December 2013. The changes included in the Final Reform are generally effective for tax years beginning on or after 1 January 2014.

    9 January 2014

    Quarterly tax developments - December 2013
    Our December 2013 edition is designed to help you identify changes in tax law and other events when they occur so the accounting can be reflected in the appropriate period. This edition includes enacted and effective tax legislation, global tax treaties and other items through 31 December 2013 to consider as you prepare your tax provision. We've also listed our tax and other publications that provide more detail on the topics we discuss.

    9 January 2014

    Technical Line - ‘Tax extenders’ have expired — once again
    Congress has once again allowed several tax provisions known as "tax extenders" to expire on 31 December 2013. They include the research and development tax credit, the active financing exception for financial services businesses, a host of renewable energy incentives and bonus depreciation. While these provisions may be reinstated as they have been in the past, tax legislation faces significant challenges in the current environment. It is important to remember that a reinstatement can be accounted for only in the period enactment. Our Technical Line tells you what you need to know.

    8 October 2013

    Quarterly tax developments - September 2013
    Our September 2013 edition is designed to help you identify changes in tax law and other events when they occur so the accounting can be reflected in the appropriate period. This edition includes enacted and effective tax legislation, global tax treaties and other items through 30 September 2013 to consider as you prepare your tax provision. We've also listed our tax and other publications that provide more detail on the topics we discuss.

    17 July 2013

    Quarterly tax developments - June 2013
    Our June 2013 edition is designed to help you identify changes in tax law and other events when they occur so the accounting can be reflected in the appropriate period. This edition includes enacted and effective tax legislation, global tax treaties and other items through 30 June 2013 to consider as you prepare your tax provision. We've also listed our tax and other publications that provide more detail on the topics we discuss

    23 June 2010

    Hot Topic - Accounting for income taxes: a quarterly update
    The second quarter of calendar year 2010 saw a number of legislative and regulatory developments including several with income tax accounting implications. Our Hot Topic includes a summary of certain developments and trends many of which have potential income tax accounting implications.

    18 January 2008

    Comment Letter - Proposed FASB Staff Position No. FIN 48-b-effective date of FIN 48 for Nonpublic Enterprises
    This comment letter provides our views about the effective date of FIN 48 for nonpublic companies.