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Accounting for Income Taxes — Quarterly Hot Topics: September 2013

Published on: Sep 30, 2013

The latest issue of Accounting for Income Taxes — Quarterly Hot Topics discusses several important developments and ASC 740 implications. Topics covered in this edition:

Accounting Developments

  • Emerging Issues Task Force (EITF) makes tentative decisions Issue 13-B, "Accounting for Investments in Tax Credits"


  • IRS reduces payment amount of refundable AMT credits claimed under Section 168(k)(4)
  • IRS issues proposed regulations to amend the definition of research and experimental expenditures under Section 174
  • IRS releases final Tangible Property Regulations


  • Puerto Rico enacts sweeping changes to its alternative minimum tax regime
  • United Kingdom research and development expenditure credits


  • California: AB 93 eliminates current Enterprise Zone Program and creates new economic development incentives and a partial sales tax exemption for manufacturers
  • Tax law changes:
    • Texas enacts franchise tax bills with changes to the tax rate, determination of taxable margin, and the addition of new credits and sales/use tax exemption
    • Wisconsin enacts 2013-2015 budget bill with changes to corporate and individual income tax, sales/use tax and administrative provisions
    • Enacted legislation in Pennsylvania includes multiple tax law changes
    • District of Columbia emergency legislation amends combined reporting provisions and repeals Multistate Tax Compact apportionment election provision
    • North Carolina enacts tax bill with changes to corporate income tax rate, individual income tax provisions and sales and use tax
    • Missouri enacts three new laws: New apportionment method, remote seller affiliate and click-through nexus, and Missouri Works Economic Incentive Program
    • Illinois amends Income Tax Act
  • State amnesty programs:
    • Connecticut: New law creates amnesty program; non-participation penalties apply
    • Louisiana enacts amnesty program

Did You Know?

  • Financial Reporting for Taxes 2013 Training


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