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Accounting for Income Taxes — Quarterly Hot Topics: July 2018

Published on: Jul 02, 2018

Topics covered in this issue include:

U.S. Federal

  • Treasury and the IRS recently issued the following notices related to the Tax Cuts and Jobs Act (the “Act”).
  • Notice 2018-26: Transition tax on foreign earnings.
  • Notice 2018-28: Initial guidance for computing business interest expense limitation under IRC section 163(j).
  • Notice 2018-30: Modification to Notice 2003-65 regarding application of IRC section 168(k) for IRC section 382 purposes.
  • Notice 2018-35: Transitional guidance related to advanced payments.
  • Notice 2018-38: 2018 Fiscal-year blended tax rates for corporations.
  • Notice 2018-57: Defers applicability of final IRC section 987 regulations by one more year, allows temporary regulations to sunset.

Federal Tax Accounting Methods and Periods

  • Automatic consent to change a method of accounting for the adoption of ASC 606 or IFRS 15.

U.S. Multistate

  • Recent U.S. Supreme Court decision — Wayfair.
  • New legislative updates:
    • Alabama, Colorado, Florida, Iowa, Kentucky, Louisiana, Maryland, Missouri, Oregon, Pennsylvania, Tennessee, Texas, and Utah.
  • Multistate tax considerations of federal tax reform:
    • Alabama, Arizona, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kentucky, Michigan, Nebraska, New Hampshire, New York, New York City, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, and Wisconsin.
  • Amnesty Voluntary Disclosure:
    • Indiana and Massachusetts.

International

  • India: Finance Act 2018 enacted.

Accounting Developments

  • CAQ SEC Regulations Committee releases highlights of March 13, 2018, joint meeting with the SEC staff.
  • ASU 2018-07: FASB simplifies the accounting for share-based payment arrangements with nonemployees.

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