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Accounting for Income Taxes — Quarterly Hot Topics: June 2013

Published on: Jun 24, 2013

This issue of Accounting for Income Taxes — Quarterly Hot Topics highlights tax and accounting developments from the second quarter of 2013 that may have accounting for income tax (ASC 740) implications:

  • Accounting Developments
    • Update from the June 11, 2013 meeting of the Emerging Issues Task Force (EITF of "Task Force") on Issue 13-C.
  • Federal
    • IRS releases letter ruling regarding what constitutes a “covered transaction” within the meaning of Treas. Reg. Section 1.263(a)-5(e)(3).
    • Convertible bond hedge issuances.
    • Treasury issues final deemed asset sale election regulations.
  • International
    • OECD report on base erosion and profits shifting (BEPS).
    • Colombia: Tax reform.
  • Multistate
    • Virginia provides final guidelines on single-sales-factor apportionment election for manufacturers and phase-in of single-sales-factor apportionment for retailers.
    • New Mexico reduces the corporate tax rate, imposes mandatory combined reporting on certain retailers, phases-in elective single-sales-factor apportionment and a gross receipts tax deduction for manufacturers, and modifies certain credits.
    • Minnesota enacts Omnibus Tax Bill with changes to corporate income tax provisions, personal income tax rate, and sales and use tax.
    • Changes to D.C. Qualified High Technology Company incentive enacted; BAE decision upheld.
  • Did You Know?
    • Income tax in valuations.
    • U.S. GAAP – IFRS difference background.
    • Financial Reporting for Taxes 2013 Training.

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