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Accounting for Income Taxes — Quarterly Hot Topics: October 2018

Published on: Oct 02, 2018

Topics covered in this issue include the following tax law developments:

  • US Federal
    • Treasury and the IRS recently issued proposed Treasury Regulations and Notices related to the Tax Cuts and Jobs Act (the “Tax Act”):
      • IRC section 965: Transition tax proposed Treasury Regulations released.
      • IRC section 168: 100% bonus depreciation proposed Treasury Regulations released.
      • Notice 2018-68: Executive compensation deduction limitation Notice released.
      • IRS clarifies application of proposed Treasury Regulations on treatment of certain payments made in exchange for state and local tax credits to business taxpayers.
      • Global Intangible Low Taxed Income proposed Treasury Regulations released.
  • US Federal Tax Accounting Methods and Periods
    • CCA memorandum decision on success-based fee deduction and safe harbor election.
  • Multistate
    • Recent US Supreme Court decision – Wayfair.
    • New state judicial updates:
      • Maryland, Massachusetts, New Jersey, Oregon, Texas and Wisconsin.
    • New legislative updates:
      • Alaska, Florida, Missouri, New Jersey, North Carolina.
    • Multistate tax considerations of the Tax Act:
      • Alabama, Connecticut, Georgia, Hawaii, Idaho, Indiana, Kentucky, Maine, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Carolina, North Dakota, Oregon, Pennsylvania, City of Philadelphia, Rhode Island, Utah, and Vermont.
    • Amnesty Voluntary Disclosure:
      • Indiana and New Jersey.
  • International
    • Argentina: Classification as a highly inflationary economy under US GAAP.
  • Did You Know?
    • Accounting for when the country in which a foreign entity operates becomes highly inflationary.
    • Multistate tax considerations associated with IRC section 163(j) and Notice 2018-28.
  • Accounting Developments
    • FASB releases targeted improvements to ASC 842.
    • Accounting Standards Update Number 2018-09, Codification Improvements.

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