Accounting for Income Taxes — Quarterly Hot Topics: March 2017
The latest issue of Accounting for Income Taxes: Quarterly Hot Topics discusses several important developments and ASC 740 implications. Topics covered in this edition:
- FASB amends guidance on derecognition and partial sales of nonfinancial assets.
- FASB continues discussions on updates to income tax disclosure requirements.
Tax law developments
- Tax law developments — Overview, intra-period allocation of tax expense, uncertain tax positions, and classified balance sheet.
- US Federal — Notice 2017-06: Extension of eligibility waiver for certain method changes to comply with the final tangible property regulations.
- US Federal — Tax Court rejects capital gain treatment on forfeited deposit from cancelled sale of property.
- US Federal — Temporary regulations under section 721(c); Limitations on tax-free contributions of appreciated property to a partnership.
- International — UK’s Written Notification to Leave the EU.
- On the horizon — Tax policy decisions ahead.
- US Multistate — California, Massachusetts, Michigan, New York, Pennsylvania, Texas, Virginia, District of Columbia, and IRC Conformity.