This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

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.


Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.