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Accounting for Income Taxes — Quarterly Hot Topics: March 2013

Published on: Mar 25, 2013

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

  • Accounting Developments
    • Emerging Issues Task Force (EITF) reaches consensus-for-exposure on Issue 13-B, “Accounting for Investments in Tax Credits.”
    • EITF releases exposure draft regarding the Presentation of an Unrecognized Tax Benefit When a Net Operating Loss or Tax Credit Carryforward Exists.
    • Private Company Council did not formally add accounting for uncertain tax positions to its agenda.
    • Financial Accounting Foundation (FAF) to conduct Post-Implementation Review of FASB standard on Accounting for Income Taxes.
  • Federal
    • United States Court of Federal Claims’ summary judgment on depreciation allocable to exempt income.
    • The American Taxpayer Relief Act of 2012 signed into law on January 2, 2013.
  • International
    • France: Tax credit for competitiveness and employment.
  • Multistate
    • California Court of Appeal reverses trial court in Microsoft’s favor and applies cost of performance sourcing to royalties.
  • Did You Know?
    • Exceptions to deferred tax asset (DTA) and deferred tax liability (DTL) recognition for corporate joint ventures.
    • Financial Reporting for Taxes 2013 Training.

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