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Accounting for Income Taxes — Quarterly Hot Topics: April 2019

Published on: Apr 01, 2019

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

Tax law developments

  • U.S. Federal
    • Treasury and the IRS recently issued proposed Treasury Regulations and Notices related to the Tax Cuts and Jobs Act (the “Tax Act”):
      • Effect of sequestration on AMT credit.
      • Final Treasury Regulations on Transition Tax.
      • Proposed Treasury Regulations released on deduction for FDII and GILTI.
  • U.S. Multistate
    • New state judicial/legislative updates:
      • California, Colorado, Florida, Kentucky, Louisiana, Maryland, New Jersey, New York City, Pennsylvania and City of Philadelphia.
    • New legislative updates related to the Tax Act:
      • Florida, Idaho, Massachusetts, Mississippi, Missouri, Nebraska, New Jersey, New Mexico, New York, Oregon, Pennsylvania, City of Philadelphia, South Dakota, Utah, Virginia, and West Virginia.
  • U.S. International
    • Belgium — ATAD interest deduction limitation rules apply as from January 1, 2019.
    • Belgium — EU General Court annuls excess profit rulings state aid decision.
    • France — Finance Law for 2019 implements ATAD 1 measures
    • Italy — legislative decree transposing EU ATAD includes significant changes to tax law.
    • Italy — 2019 budget law introduces new digital services tax.
    • Luxembourg — law implementing ATAD 1 published in official gazette.
    • Mexico — rules issued for tax offsets and incentives for taxpayers in northern border region.
    • Netherlands — 2019 tax package enacted.
    • United Kingdom — new compliance facility introduced for diverted profits tax.

Accounting Developments

  • FASB proposes revised improvements to income tax disclosure requirements.

Did You Know

  • ASC 842, Leases, is effective for public business entities.

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