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Accounting for Income Taxes — Quarterly Hot Topics: September 2015

Published on: Oct 05, 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 issues ASU to defer effective date of the New Revenue Standard.
  • SEC proposes rule on “clawback” policies.
  • FASB makes tentative decision about income tax disclosures related to unrecognized tax benefits.
  • FASB issues guidance for measurement period adjustments related to a business combination.

Tax law developments

  • Tax law developments – Overview, Uncertain tax positions, Classified balance sheet, and Tax expense.
  • International – International income tax developments.
  • International – US Tax Court’s Altera decision raises broader questions.
  • Periods and methods – Temporary regulations revise determination of wages for Section 199 deductions for short taxable years.
  • Periods and methods – Rev. Proc. 2015-13 (as modified by Rev. Proc. 2015-33) and Rev. Proc. 2015-14 – New three-month window open for certain taxpayers under exam to file a change in accounting method.
  • US Federal – Proposed Section 367(a)/(d) regulations eliminate tax-free transfers of foreign goodwill and going concern value.
  • US Federal – US transferors of property to a partnership with related foreign partners.
  • US Federal – Temporary Subpart F regulations change the rules under Section 956 and the active rents and royalties exception; Proposed Section 956 regulations also released.
  • US Multistate – Alabama, Arizona, Indiana, Kansas, Maryland, Massachusetts, Missouri, New Hampshire, New Jersey, and North Carolina.

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