House Ways and Means Chairman Dave Camp (R-MI) has released a 979-page draft 'Tax Reform Act of 2014.' Read highlights of Chairman Camp's plan with links to the official release in our WNTS Tax Insight. Read more
In the current economic and regulatory climate, transfer pricing implementation requires more attention than ever before, within both finance and tax teams as well as across a range of other stakeholders. It is no surprise that transfer pricing has become the top priority for any global company. You're invited to a webcast series with PwC and SAP discussing the main questions companies are asking about as it relates to their transfer pricing compliance strategy.
As part of our continued effort to help organizations navigate through the complexity of today’s tax accounting issues, we’ve assembled a compilation of our Tax Accounting Services’ publications released between July 2013 and December 2013.
Keeping track of tax law changes around the world has increasingly become a challenge for businesses. Companies are rapidly expanding their geographic footprint at a time when the evolution and developments in jurisdictional tax laws are undergoing nearly constant change.
Calendar year 2013 has seen considerable activity across the global legislative and regulatory landscapes. We have seen changes to tax laws in several key territories, and certain legislative trends having a significant impact on income tax accounting. These developments, combined with an environment of economic uncertainty, have added to the challenges in accounting for income taxes.
In this release we discuss a variety of accounting and regulatory updates. We also draw your attention to some significant tax law and tax rate changes during the quarter ended 30 September 2013 and some important tax accounting considerations for mergers and acquisition transactions.
Numerous income tax accounting matters require the use of estimates, judgments, and other subjective information that can obscure the presentation in the financial statement accounts. Clarifying disclosures can enable users to gain a better understanding of the reporting entity’s income tax environment.
Join us for a discussion on transforming the tax function. PwC thought leaders will highlight the key challenges and opportunities of tax transformation, while delivering distinctive and forward-looking insight.
Join a panel of PwC Tax Accounting Services (TAS) specialists for a discussion of relevant tax accounting matters including disclosures under ASC 740 as well as recent regulatory and legislative developments.
Financial Accounting Foundation (FAF) completed its post-implementation review of Financial Accounting Standards Board Statement No. 109, Accounting for Income Taxes (FAS 109) (codified in Accounting Standards Codification Topic 740, Income Taxes).
Our tax specialists will highlight the past year, review the impact of the Affordable Care Act (ACA) on employers in 2014 and beyond, review developments in information reporting, provide an outlook of potential future initiatives from the Internal Revenue Service, and other issues impacting healthcare providers, universities and other tax-exempt organizations.
PwC's 2014 edition of Managing your wealth offers guidance on strategic tax planning, managing your portfolio, charitable giving, estate and gift planning, business succession planning and other wealth management topics.
Due to their low costs and potentially greater tax efficiency, ETFs offer a very efficient return to investors. ETFs’ tax advantages have contributed to their strong competitive position and growth. But a rapidly changing tax environment will present challenges as governments around the globe seek to bridge budget deficits. By staying on top of these changes, sponsors can mitigate adverse effects while remaining compliant with changing global tax laws.
It’s an opportunity hidden in plain sight. In 10Minutes on transforming the tax function, we discuss how the tax function is often overlooked as an area for improvement, unlike more obvious choices such as supply chain or business services. However, shining a light on the tax group can reveal untapped opportunities where changes in technology, process, people, and data can lead to benefits for the broader business.
In the entertainment and media industry, the business necessity is that talent must be flexible and mobile, crossing borders seamlessly to get the job done. This article is intended to provide a non-exhaustive, broad summary of only some of the many tax and related policy challenges that may arise.
Taxes increased on January 1, are you prepared? Register for PwC's annual webcast and learn how you and your business may be affected by tax increases, what other changes are in effect for 2013, what planning opportunities are available that can help minimize the tax impact and efficiently manage your wealth, and what changes may result from potential tax reform.
How do manufacturing companies use technology in their tax functions? PwC and the Manufacturers Alliance for Productivity and Innovation (MAPI) surveyed more than 100 companies to uncover leading practices and challenges in applying technology to the tax function.
PwC invites you to watch a panel of our Tax Accounting Services (TAS) specialists for a discussion of relevant tax accounting matters including intraperiod tax expense allocation under ASC 740 as well as recent regulatory and legislative developments.
PwC is pleased to share with you our Pension/OPEB 2013 Assumption and Disclosure Survey which presents our analysis of the 2012 year-end assumptions and disclosures under ASC 715-20, ASC 715-30, and ASC 715-60.
The overall accounting model for income taxes has been in place for many years, yet the accounting for income taxes (ASC 740) continues to pose many challenges for preparers, users, and auditors. This PwC guide is intended to clarify the fundamental requirements involved in the accounting for income taxes and to highlight key points that should be considered before and after transactions are undertaken.
Given the significant expansion of oil and gas companies globally, the need for industry players to align and coordinate local operations with corporate strategy has never been greater. PwC's energy practice invites you to watch a webcast that discusses strategies and approaches for charging intragroup management fees, leading practices for managing double taxation risk in both treaty and non-treaty countries, and more.
Filing a federal income tax return can cause a taxpayer to adopt a method of accounting, both in general and with respect to a specific item. Accordingly, a taxpayer needs consider what accounting methods it intends to adopt prior to filing its return.
Multinational companies today have become the norm, while managing operations and keeping accurate books has become more complicated. Learn how you can deliver true value to Transfer Pricing process by eliminating manual and intensive work each period.
The FASB and the IASB issued a revised exposure draft on leases. Although the tax law regarding the treatment of leasing transactions remains unchanged, taxpayers should consider how the Exposure Draft will impact the computation of federal and state taxable income and deferred income tax assets and liabilities associated with their leases.
The Obama Administration has announced that there will be an additional year before the mandatory employer and insurer reporting requirements under the Affordable Care Act (ACA) begin, and, accordingly, a one-year delay in enforcement of the employer mandate until 2015.
Supreme Court’s holding that Sec 3 of Defense of Marriage Act is unconstitutional, employers should review their retirement, health & welfare benefit plans. This HRS Insight highlights some of the implications for employer-sponsored plans.
Corporate boardrooms – Navigating board priorities focuses on today's critical issues, including building productive investor relationships, overseeing information technology and continuing the debate over tax reform. The report discusses the impact on directors and what they should be considering in the boardroom.
The FASB ratified the accounting guidance proposed by the EITF consensus for Issue 13-C, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. We expect the final Accounting Standards Update (ASU) to be issued within the next few weeks.
Average global effective tax rate increases two percentage points in three years for industrial products and automotive sectors. The steady upward trend in average effective tax rates globally from 2010 (26.1 percent) to 2012 (28.3 percent) took place despite a reduction in statutory rates of corporate income tax around the world.
Human Resource (HR) departments are implementing global mobility programs designed to manage complex international relocations. However, the activities of individuals in foreign locations can create a variety of both individual and corporate level tax issues for the enterprise, depending upon the circumstances.
PwC recently convened several roundtables of employers in New York, Chicago, and Atlanta to discuss health coverage at this pivotal moment. This thought leadership article highlights the conversations and results of the related survey.
The IRS recently issued Rev. Proc. 2013-24, which provides safe harbor definitions of units of property and major components that taxpayers may use in determining whether expenditures to maintain, replace, or improve steam or electric power generation property must be capitalized under Section 263(a).
Corporations or consolidated groups with alternative minimum tax (AMT) credits from pre-2006 tax years may continue to accelerate use of these credits instead of claiming Section 168(k) additional bonus depreciation for eligible qualified property.
The final FATCA regulations released in January brought clarity on some issues the insurance industry had identified in the proposed regulations. While some provisions in the final regulations attempt to simplify the impact on the insurance industry, other provisions have ultimately complicated FATCA's impact.
This edition of PwC's Pharmaceutical and Life Sciences Industry Alert reports that the new tax law extends research & development tax credit and provides guidance on accounting for the retroactive reinstatement of the R&D tax credit.
The US Treasury Department and the Internal Revenue Service (IRS) released their guidance on FATCA for the asset management industry, with a compliance deadline of January 2014. Key issues in implementation and other areas remain to be resolved.
PwC's Washington National Tax Services (WNTS) offers a preview of the key tax policy issues facing the Obama Administration and Congress in 2013, including the outlook for comprehensive tax reform, deficit reduction, business tax provisions that expire at the end of 2013, and other tax policy matters of importance to today's business leaders.
PwC released an earlier newsbrief on January 18, 2013 highlighting many of the distinctions between the proposed and final FATCA regulations, which potentially apply to all industries. To supplement the earlier newsbrief, this newsbrief describes the most notable differences between the proposed and final regulations that will impact insurers.
The final FATCA regulations document from PwC's Global Information Reporting (GIR) practice is formatted with references in an easy to read format. The GIR team has developed this version of the regulations to give tax and compliance professionals an easier option to study and know the rules surrounding FATCA.
Final regulations for Foreign Account Tax Compliance Act (FATCA) were issued on January 17, 2013. FATCA was enacted as part of the Hiring Incentives to Restore Employment Act (HIRE Act) on March 18, 2010 to serve as an administrative tool to prevent and detect US tax evasion and improve taxpayer compliance. The final regulations contain over 500 pages of guidance.
President Barack Obama on January 2 signed into law the "American Taxpayer Relief Act of 2012", which includes permanent extensions of certain 2001 and 2003 tax provisions for individuals with incomes below $400,000, and joint filers with incomes below $450,000.
Foreign Account Tax Compliance Act (“FATCA”) was enacted as part of the Hiring to Restore Incentives (“HIRE”) Act. FATCA was enacted with a primary goal of providing the Internal Revenue Service (“IRS”) with an increased ability to detect US tax evaders concealing their assets in foreign accounts and investments.
This paper discusses the important changes to income tax accounting under statutory accounting principles (SAP), including accounting for uncertain tax positions, which became effective on January 1, 2012.
In this important study, PwC, the World Bank and the IFC measure the taxes and contributions paid by a standardised business. They also assess the relative complexity of 185 economies’ tax compliance systems.
This publication addresses key considerations in applying U.S. GAAP with respect to foreign currency income tax reporting. It is designed to be a reference guide to explore tax accounting for foreign currency. It begins with the “basics” and relevant areas of focus when applying Accounting Standards Codification (ASC) 830, Foreign Currency Matters, and also discusses the application of ASC 740, Accounting for Income Taxes, to foreign currency.
Asserting indefinite reinvestment traditionally has been a widespread practice among multinational businesses. A majority of large companies make the assertion with respect to much, if not all, of their foreign earnings. To assist organizations in making this assertion, PwC has refreshed this publication (originally released in December of 2010).
In this Professional Development Program podcast, a PwC director in the PwC Tax Controversy and Dispute Resolution Team will answer frequently asked questions on the residency certification provisions. Some of the topics addressed in this series include purpose of U.S. tax residency certification, how to apply for residency certification, user fees, requirements to maintain and disadvantages/pitfalls.
In this podcast, Devin Blackburn and Janice Flood from the PwC Tax Controversy and Dispute Resolution Team will answer frequently asked questions on the Form 1139. Some of the topics addressed in this Professional Development Program podcast include the purpose of Form 1139, impact and benefits of filing, key differences between Form 1139 and Form 1120X, and requirements for timely submission of Form 1139.
At the close of every quarter, companies recognize income tax expense or benefit in their respective quarterly financial statements in accordance with interim reporting guidance under FASB Accounting Standards Codification 740, Income Taxes (ASC 740). When applied, this accounting model can present formidable challenges to many companies and can sometimes produce unexpected results. This edition of Tax accounting insights highlights the "basics" as well as key areas of focus when accounting for income taxes during interim periods.
Significant differences continue to exist between the IASB's anf the FASB's income tax accounting models, notwithstanding ongoing convergence efforts. This PwC publication provides a comparative summary between standards and a closer look at seven significant differences -- tax basis, initial recognition, intercompany transactions, accounting for uncertain tax positions, allocating income taxes, share-based compensation, and investment in subsidiaries.
The topic of transfer pricing in relation to financial reporting is often associated with uncertain tax positions ù that is, the extent to which tax reserves may need to be recorded due to uncertainty with respect to tax return positions. However, transfer pricing can also have other important financial reporting implications. PwC's Tax accounting insights serves to highlight several important areas of financial reporting that can be affected by transfer pricing.
Income tax provision preparation for stand-alone subsidiary or carve-out financial statements is a challenging and complex area of practice. In completing these calculations, we believe it is important to have a consistent, thoughtful framework for addressing the many judgments involved in the process. To assist you with the preparation of separate company financial statements, PwC's Tax accounting insights presents "Seven principles to consider when preparing a tax provision for subsidiary or carve-out financial statements" publication.
The potential transition to IFRS in the United States has been an ongoing focus of the SEC over the past several years. As part of their current workplan, the SEC is analyzing the impact of IFRS on US issuers and whether, when, and how to incorporate IFRS into the US financial reporting system. In this Tax accounting insights, we inform US tax executives on the current landscape of IFRS, including the key tax considerations that may arise in the near-term
Goodwill impairment testing continues to be a challenging and complex area of practice. As companies perform goodwill assessments, tax considerations can play a critical role in the final conclusions. To assist you with your goodwill impairment testing, PwC has refreshed our Goodwill Impairment Testing: Tax Considerations publication (originally released in December 2009).
Current market conditions have precipitated efforts by companies, across industries and markets, to reduce or restructure their debt obligations.The transactions and events occurring in these settings can have significant and sometimes unique financial reporting consequences.This PwC publication provides an overview of these transactions and events from both a financial reporting and income tax perspective.
Efforts intended to strengthen objectivity and transparency with respect to tax planning, compliance and conflict resolution have converged around the use of a MLTN (more likely than not) standard. This PwC publication explores the FIN 48's more likely than not (MTLN) standard on whether a position taken, or expected to be taken, in a tax return is more likely than not to be sustained.