Deferred revenue liabilities must be carefully considered in conjunction with taxable asset sales, contributions to capital, and classification elections.
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Deferred Income Taxes
Letters from IRS to warn taxpayers about possible QOF actions needed
The IRS is sending letters to taxpayers who may need to take additional actions related to qualified opportunity funds.
Naked credits and the interest expense limitation
New regulations providing guidance on the application of the Sec. 163(j) interest expense limitation may change how some companies calculate their naked credit.
Acceleration of deferred revenue in M&As
Sec. 451(c) should be considered when structuring such M&A transactions — including special rules
relating to short tax years of 92 days or less.
Prop. regs. address eliminating LIBOR, other interbank-offered rates
To facilitate the transition away from IBORs and minimize the resulting market disruption, the IRS
issued the proposed regulations with an aim of reducing associated tax uncertainty and taxpayer burden.
Understanding the mechanics of FASB ASC Subtopic 740-10
FASB ASC Subtopic 740-10 requires that each tax position meet a more-likely-than-not test and that the tax benefits be correspondingly reduced if the result is not certain; it is important to understand the administrative issues and problems created by this requirement.
New FASB standard aims to simplify accounting for income taxes
FASB issued a standard that is designed to reduce cost and complexity in accounting for income taxes.
FASB proposes simplifying accounting for income taxes
FASB issued a proposal that is intended to make accounting for income taxes less costly and complex.
AICPA issues TQA on accounting for payments under the centralized partnership audit regime
The technical question and answer helps financial statement preparers account for the amount a partnership pays the IRS for previous underpayments of tax, interest, and penalties.
Guidance addresses partnership accounting when IRS collects underpayments
A new technical question and answer from the AICPA provides nonauthoritative guidance to help financial statement preparers account for the amount a partnership pays the IRS under these circumstances.
SEC permits reasonable estimates of tax liability to ease effect of new tax law
SEC allows companies to use reasonable estimates of their tax liability post-tax reform.
FASB moving forward on reclassification of stranded tax effects
FASB is moving quickly to give financial statement preparers a targeted improvement in their accounting for effects of the new tax reform law.
FASB proposes corporate reporting change related to new tax law
FASB proposed a new standard that is intended to help organizations reclassify certain income effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.
FASB addresses financial reporting impacts of new tax law
FASB addressed numerous financial reporting implications of P.L. 115-97, known as the Tax Cuts and Jobs Act.
SEC permits reasonable estimates in corporate tax reporting
Companies may initially have difficulty determining the effects of the new federal tax law on their income tax reporting.
Common Income Tax Accounting Pitfalls
This article highlights a few ASC Topic 740, Income Taxes, tax matters companies have missed or overlooked in tax provisions.
FASB Simplifies Financial Reporting for Income Taxes
FASB issued an accounting standard that is designed to simplify the financial reporting for the income tax consequences of intra-entity transfers other than inventory.
FASB Proposes Changing Income Tax Disclosure Requirements
FASB issued a proposal Tuesday that would modify disclosures about income taxes that organizations are required to report on their financial statements.
IRS Asks for Comments on Accounting Method Changes for Proposed Revenue Recognition Standards
The IRS asked for comments on what effect the new proposed financial accounting revenue recognition standards should have on taxpayers’ methods of accounting
Changes Are Proposed for Accounting for Income Taxes Under FASB ASC
FASB proposed two standards changes to Accounting Standards Codification (ASC) Topic 740, Income Taxes, that are designed to reduce complexity in accounting for income taxes.
INDIVIDUALS
Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
