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Accounting for Income Taxes — Quarterly Hot Topics: April 2018

Published on: Apr 02, 2018

Topics covered in this issue include:

Tax law developments

  • U.S. Federal:
    • IRS Notice 2018-07: Guidance under Section 965.
    • IRS Notice 2018-13: Additional Guidance Under Section 965 and Guidance Under Sections 863 and 6038 in Connection with the Repeal of Section 958(b)(4).
    • IRS Rev. Proc. 2018-17: New procedural guidance limits certain specified foreign corporations’ ability to change tax years.
    • "Omnibus" spending deal includes "grain glitch" fix, low-income housing credit boost, pre-2017 tax technical corrections.
  • Multistate:
    • Georgia, Idaho, New Hampshire and Texas.
    • Multistate tax considerations of federal tax reform.
      • California, Georgia, Idaho, Michigan, North Carolina, Pennsylvania, Virginia, West Virginia, and Wisconsin.
  • Amnesty voluntary disclosure.
    • Alabama and Texas.
  • Did you know?
    • New York.
  • International:
    • Argentina: Tax Reform.
    • Belgium: Corporate tax reform measures in phased approach.
    • Belgium: Constitutional court annuls fairness tax.
    • France: Amended finance bill for 2017 and finance bill for 2018 enacted.
    • Italy: 2018 budget law.
    • Poland: Major corporate tax reform enacted.
    • Turkey: Corporate tax rate increased for three years.
  • Accounting developments:
    • FASB tentatively decides to relieve entities from implementing certain aspects of the new leasing standard.
    • FASB issues ASU on reclassifying certain tax effects from AOCI.
    • SEC issues SAB 118 implementation guidance on accounting for the impact of the Tax Cuts and Jobs Act.
    • FASB makes decisions about the application of income tax guidance to certain tax reform provisions.
    • AICPA issues guidance with respect to tax accounting considerations under the new federal partnership audit regime.


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