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Accounting for Income Taxes — Quarterly Hot Topics: December 2014

Published on: Jan 07, 2015

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

  • FASB's accounting for income taxes project
  • FASB's share-based compensation project
  • Preparing effective disclosures
  • AICPA conference on PCAOB and SEC developments

Tax law developments

  • Tax law developments — Overview, uncertain tax positions, classified balance sheet, and tax expense
  • International — Ireland Finance Act 2014: Impact on multinational corporations
  • International — Italy changes IRAP tax rates
  • International — Peru tax reform
  • International — Russia enacts law introducing fundamental changes to taxation of foreign entities
  • International — Spain corporate tax reform enacted
  • International — Thailand: New investment promotion strategy announced
  • U.S. Federal — Tax extenders bill becomes law
  • U.S. Federal — IRS accepts charge-off amounts reported by banks and bank subsidiaries for GAAP and regulatory purposes as sufficient evidence of worthlessness under Section 166
  • U.S. Multistate — Michigan, New Hampshire, New Jersey, Ohio, and Texas

Looking forward

  • Looking forward — Overview
  • Peru parliament approves tax reform bill
  • District of Columbia FY 2015 Budget Support Act of 2014

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