Income tax accounting

Accounting for income taxes is a perpetual hot topic in the U.S., posing many challenges for preparers, users and auditors, particularly in the wake of tax reform.

Where should I start?

Where should I start?

31 March 2023

16.1 Overview—accounting for income taxes in interim periods

ASC 740-270, Interim Reporting, prescribes the use of an estimated annual effective tax rate (ETR) for calculating a tax provision for interim periods.

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US Income taxes guide 16.1

31 March 2023

14.1 Chapter overview—separate financial statements of subsidiary

Intercorporate (or intra-entity) tax allocation (i.e., allocating income taxes to entities within a consolidated tax group) involves related parties and

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US Income taxes guide 14.1

31 March 2023

10.1 Chapter overview—income tax accounting for acquisitions

Business combinations often give rise to a variety of complicated issues when accounting for income taxes under ASC 740, Income Taxes. This chapter

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US Income taxes guide 10.1

31 March 2023

15.1 Chapter overview—accounting for uncertainty in income taxes

ASC 740 prescribes a comprehensive two-step model for recognizing, measuring, and disclosing uncertain tax positions.

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US Income taxes guide 15.1

06 October 2022

The OECD minimum tax: What US companies need to know

The OECD's Pillar 2 proposes a global minimum tax that will significantly alter the international tax landscape impacting multinational companies today.

In summary...

  • OECD's two-pillar framework aimed at alleviating certain global tax challenges
  • Understanding the scope of Pillar 2 for US multinational companies
  • Understanding the mechanics of the Pillar 2 global minimum tax model rules
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US In the loop

18 August 2022 | Updated 07 November 2022

Accounting for the Inflation Reduction Act and the CHIPS Act

The Inflation Reduction Act and the CHIPS Act include tax provisions that may have accounting implications in the period of enactment and prospectively.

In summary...

  • The new corporate AMT is based on adjusted financial statement income
  • Certain of the laws' provisions will not be accounted for in the income tax line
  • Many of the provisions will impact future (not current) financial statements
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US In depth 2022-04

31 October 2021

1.1 Chapter overview—scope of ASC 740

Accounting Standards Codification (ASC) 740, Income Taxes addresses how companies should account for and report the effects of taxes based on income. While

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US Income taxes guide 1.1

30 October 2021

5.1 Chapter overview—valuation allowance

Evaluating the need for and amount of a valuation allowance for deferred tax assets often requires significant judgment and extensive analysis of all the

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US Income taxes guide 5.1

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