Tax
Keep informed about various tax developments
WNTS Insight
Obama Administration FY 2014 budget focuses on tax reform, deficit reduction, and new initiatives
4/10/2013 | WNTSThe President's budget asks Congress to "immediately begin the process of reforming the individual and business tax systems." Read more
HRS Insight
Overview of key tax provisions under the Affordable Care Act
3/19/2013 | Human resource services
- Assessing tax: 2013 tax rate benchmarking study for industrial products and automotive sectors
5/23/13 | Industrial products
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.
- Top 10 mobility issues for Tax Directors to think about
5/23/13 | International assignment services
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.
- Final regulations on deemed asset sale elections offer taxpayers more flexibility
5/21/13 | Washington national tax services (WNTS)
The IRS published final regulations which permits taxpayers to elect to treat certain dispositions of a target corporation’s stock as a sale of the underlying assets of the target corporation.
- ACA proposed regulations on minimum value, premium tax credits help employers with health plan duties for 2014
5/20/13 | Human resource services
The IRS issued proposed regulations under the ACA that will help employers to determine, disclose and report whether their health plans provide ‘minimum value.’
- An HR perspective: Focusing on the future of healthcare benefits
5/15/13 | Human resource services
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.
Webcast
Navigating the tax and accounting considerations of the patent box and other global technology incentives – May 30, 2013Tax accounting services
PwC invites you to join a panel of our Tax Accounting Services (TAS) and Washington National Tax Services (WNTS) specialists for a dialogue around the tax and accounting considerations related to global incentives for research and technology investments.
- IRS issues safe harbor ‘repairs’ guidance for electric generation
5/10/13 | Washington national tax services (WNTS)
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).
- Numerous business tax reform proposals included in report to Ways and Means Committee
5/9/13 | Washington national tax services (WNTS)
The House Ways and Means Committee May 8 held a meeting covering the work of certain of its 11 bipartisan working groups on tax reform.
Webcast
Global Compensation Management: Oxymoron or Possibility? webcast – June 4, 2013International assignment services
Please join PwC's International Assignment Services practice for an engaging conversation on global compensation management.
- IRS issues favorable guidance on certain transaction costs
5/7/13 | Washington national tax services (WNTS)
LB&I recently issued a memorandum for all staff regarding the treatment of eligible milestone payments paid or incurred in the course of certain transactions.
- Joint Tax Committee staff issues report on Ways and Means tax reform working groups
5/6/13 | Washington national tax services (WNTS)
JCT staff today issued a 568-page report on "Present Law and Suggestions for Reform Submitted to the Tax Reform Working Groups."
Tax accounting insights
Tax accounting implications of new French wage tax credit5/3/13 | Tax accounting services
The new French legislation to encourage investment and create jobs will impact financial statement accounting.
Webcast
The Foreign Account Tax Compliance Act (FATCA): Understanding its impact and the path forward for nonfinancial multinational businesses – May 9, 2013Financial services
FATCA’s application to financial institutions is immediately evident and has prompted the industry to action as it prepares to be compliant. Now is the time to evaluate how FATCA will apply to your company and what you need to do to prepare, because withholding is scheduled to begin as early as January 1, 2014.
Webcast
New CHNA Requirements and Trends in Community Benefit Reporting webcast – May 23, 2013Healthcare
Watch this PwC webcast for a discussion regarding the recently issued proposed guidance affecting every tax-exempt hospital organization. This webcast also reviews hospital facility’s community health needs assessment (CHNA) requirements and reporting obligations and features a broad range of PwC specialists.
- Obama Administration FY 2014 budget focuses on tax reform, deficit reduction, and new initiatives
4/10/13 | Washington national tax services (WNTS)
The President's budget asks Congress to "immediately begin the process of reforming the individual and business tax systems."
- Taxpayers may continue to accelerate certain AMT credits
4/2/13 | Washington national tax services (WNTS)
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.
- Health Care Reform Roundup
3/27/13 | Human resource services
A slew of recent guidance from regulators about the Affordable Care Act (ACA) gives employers clarity about several provisions taking effect in 2014.
Tax accounting insights
Tax considerations relating to fair value accounting3/25/13 | Tax accounting services
PwC has refreshed our 'Fair Value Accounting: Tax Considerations' publication (originally released in December 2008).
- The insurance industry and FATCA – Moving from assessment to implementation: Top 13 in ’13
3/20/13 | Financial services
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.
- Overview of key tax provisions under the Affordable Care Act (HRS Insight)
3/19/13 | Human resource services
The Affordable Care Act (ACA) made broad changes with respect to health care for individuals, employers and insurers.
- Senate Budget Committee calls for tax increase; Senate Finance Committee prepares for tax reform
3/14/13 | Washington national tax services (WNTS)
The Senate Budget Committee on a party-line vote approved an FY 2014 budget resolution. Senate Finance Committee announced upcoming meetings.
- House Republican budget calls for business and individual tax reform
3/12/13 | Washington national tax services (WNTS)
House Budget Committee Chairman Paul Ryan (R-WI) today released a proposed FY 2014 House budget resolution.
- House Ways and Means Committee releases pass-through tax reform discussion draft
3/12/13 | Washington national tax services (WNTS)
House Ways and Means issued a 'small business' tax reform discussion draft that features proposals affecting large and small partnerships and S corporations.
Webcast
PwC's quarterly tax accounting webcast - Q1 2013 – April 4, 2013Tax accounting services
PwC invites you to join a panel of our Tax Accounting Services (TAS) specialists for a dialogue around relevant tax accounting matters including recent regulatory and legislative developments and a topical discussion of the uncertain tax position model under ASC 740.
Tax accounting insights
FASB issues exposure draft proposing netting of unrecognized tax benefits when a net operating loss carryforward or tax credit carryforward exists2/26/13 | Tax accounting services
FASB exposure draft proposes that unrecognized tax benefits be netted against all same-jurisdiction deferred tax asset NOL and tax credit carryforwards
Tax accounting insights
Financial Accounting Foundation conducting review of accounting for income taxes2/14/13 | Tax accounting services
The Financial Accounting Foundation (FAF) announced that FASB Statement 109, 'Accounting for Income Taxes' will be the next standard for which it will conduct a post-implementation review (PIR).
- OECD "base erosion and profit shifting" report looks to action plan
2/12/13 | Washington national tax services (WNTS)
The OECD released a related 90-page report, Addressing Base Erosion and Profit Shifting.
- New tax law extends research & development tax credit
2/11/13 | Pharmaceuticals & life science
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.
- How do the final FATCA regulations affect asset managers?
2/7/13 | Financial services
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.
- Challenges ahead for tax policy - 2013 Tax Legislative Outlook
1/31/13 | Washington national tax services (WNTS)
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.
- How do the final FATCA regulations impact insurers?
1/28/13 | Financial services
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 text of the final Foreign Account Tax Compliance Act (FATCA) regulations in an easy to read format
1/24/13 | Financial services
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.
Webcast
The Foreign Account Tax Compliance Act (FATCA): A closer look at the final regulations and the path forward webcast – January 29, 2013Financial services
Final regulations regarding the Foreign Account Tax Compliance Act (FATCA) were issued on January 17, 2013. Join us and gain a fresh perspective on new and notable issues, and learn about some of the likely ways to craft an implementation strategy for global compliance.
- Final FATCA regulations issued: Let the compliance begin
1/21/13 | Washington national tax services (WNTS)
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.
Webcast
The Eurozone crisis – Understanding the risks to international business webcast – January 29, 2013US tax services
The Eurozone crisis is still making headlines, with ongoing speculation about how events will unfold. Join our panel of international specialists as we discuss the crisis in its economic context, how it has evolved over recent months, and potential outcomes of the crisis.
- Fiscal cliff legislation offers many benefits to private companies and their owners
1/14/13 | Private company services
Much of the new law will affect privately held companies and their owners for 2012 and beyond. Read this Private Company Services Tax Insight for more details.
- Fiscal cliff legislation extends research credit, resolves M&A-related credit issue
1/8/13 | Washington national tax services (WNTS)
American Taxpayer Relief Act of 2012 extends the research credit for two years and resolves an issue regarding the treatment of qualified research expenditures. Read WNTS Insight fo rmore details.
- New tax law extends business tax incentives
1/5/13 | Washington national tax services (WNTS)
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.
- Taking control of FATCA: Building effective internal controls and certifying compliance
1/4/13 | Financial services
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.
- Congress passes fiscal cliff agreement to extend tax rates for incomes below $450,000; deal includes business "tax extenders"
1/1/13 | Washington national tax services (WNTS)
The President recently signed a fiscal cliff agreement that extended certain tax rates for incomes below $450,000 and included several business "tax extenders." Read WNTS Insight for more details.
Tax accounting insights
Around the world: When is a tax law enacted or substantively enacted?12/20/12 | Tax accounting services
Companies reporting under US GAAP or IFRS need to understand when a change in tax law impacts the measurement of current and deferred income taxes.
- Accounting for Income Taxes: 2012 Year-end Hot Topics
12/18/12 | Tax accounting services
Calendar year 2012 has seen considerable activity across the global legislative and regulatory landscapes. In addition to one-off changes to tax laws in several key territories, certain legislative trends have had a significant impact on income tax accounting. This PwC publication is focused on the topics we believe will be most relevant to the preparation of 2012 year-end financial statements.
- Year-end actions may minimize the impact of tax rate increases
12/6/12 | Human resource services
Employers and employees can take steps before year-end to minimize the impact of the higher tax rates. Read this edition of HRS Insight.
- Tax accounting for insurance companies - 2012
11/27/12 | Insurance
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.
- Paying Taxes 2013: The global picture
11/20/12 | Global tax services
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.
- Managing your wealth: 2013 Guide to tax and wealth management
11/20/12 | Personal financial services
PwC’s 2013 year-end guide to tax and wealth management offers guidance for strategic tax planning, managing your portfolio, charitable giving, estate and gift planning, business succession planning and other topics.
- Worldwide Tax Summaries - Corporate taxes 2012/2013
11/9/12 | Global tax services
This PwC publication provides the tax rates and major features of the tax laws that affect taxation of corporate entities in the 152 countries covered. Each country summary contains information on recent changes in tax legislation as well as key information about corporate income taxes, residency, income determination, deductions, group taxation, credits and incentives, withholding taxes, indirect taxes, and tax administration.
- 2012 election results point to continued divisions over tax policy
11/7/12 | Washington national tax services (WNTS)
Can compromises be reached before the end of this year to avoid the 'fiscal cliff' effect of scheduled tax increases and spending reductions?
- Foreign currency tax accounting
10/18/12 | Tax accounting services
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.
Tax accounting insights
Deferred taxes on foreign earnings: A road map9/6/12 | Tax accounting services
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).
- Private companies should analyze the impact of the new tangible property regulations
9/3/12 | Private company services
Under the new tangible property regulations published last December, private companies should review their current methods of accounting in light of the temporary regulations to determine if a Form 3115 is required for the years beginning on or after January 1, 2012. If an accounting method change is required, then they should review the new revenue procedures to assess which method changes should be filed in 2012 and/or 2013 to comply with the temporary regulations.
- Paying lump sums to current retirees may reduce volatility risk in pension plans
9/3/12 | Human resource services
Recent press reports have described the efforts of two large companies with significant pension obligations to "de-risk" defined benefit pension plans by offering retirees in pay status a one-time opportunity to receive a lump sum payment in lieu of continuing annuity payments. The companies are seeking to reduce the volatility of future pension obligations for both funding and financial statement purposes. The IRS recently issued private letter rulings to each company confirming that offering a one-time opportunity for a lump sum payment to individuals who are currently receiving annuity payments does not violate the requirements for required minimum payments under the Internal Revenue Code.
- Current Developments for mutual fund audit committees: June 30, 2012
8/30/12 | Asset management
This edition of mutual fund audit committee current developments highlights non-agency residential mortgage-backed securities, changes to consolidation as outcome of proposed entity definitions, and FATCA implementation updates.
- FASB disclosure proposals: Update
8/28/12 | Tax accounting services
The FASB recently issued several project updates pertaining to financial statement disclosures. This PwC Tax NewsAlert briefly describes these developments and their potential implications with respect to tax matters.
- Top automatic accounting method changes for 2011 returns
8/27/12 | Washington national tax services (WNTS)
Differing considerations may affect taxpayer decisions on accounting method changes. For example, taxpayers seeking to increase cash flow and decrease their current cash tax liability may benefit from accounting method changes that accelerate deductions or defer revenue. At the same time, because of the increased IRS focus on uncertain tax positions, taxpayers also may want to file accounting method changes to correct improper methods of accounting and obtain audit protection.
- IRS issues important guidance on expense reimbursement arrangements
8/8/12 | Washington national tax services (WNTS)
The IRS recently issued proposed regulations explaining the exception to the 50-percent deduction limitation of section 274(n) that applies with respect to certain expenditures paid or incurred under a reimbursement or other expense allowance arrangement. The rules in the proposed regulations (subject to any changes when finalized) can be very important for taxpayers that enter into reimbursement arrangements with their clients or customers for expenses that are subject to the 50-percent limitation of section 274(n).
- IRS releases important guidance on personal use of business aircraft
8/6/12 | Washington national tax services (WNTS)
The IRS on July 31 issued final regulations on the tax treatment of an employer with respect to certain personal use of employer-provided aircraft. The final regulations apply to tax years beginning after August 1, 2012.
- IRS challenges certain cross-border reorganizations involving intangibles
8/1/12 | Washington national tax services (WNTS)
Notice 2012-39, recently issued by the IRS, provides guidance regarding the treatment under section 367(d) of transactions that, according to the IRS, raise "significant policy concerns" involving transfers of intangible property by a domestic corporation to a foreign corporation in certain corporate reorganizations. For more, read this WNTS insight.
- Employer rules for withholding the new 0.9% Medicare tax
7/26/12 | Human resource services
Beginning in 2013, an additional 0.9% Medicare tax is imposed on individuals who receive wages over $200,000 ($250,000 in the case of a joint return, or $125,000 in the case of a married taxpayer filing separately). When added to the current 1.45% employee portion of the Medicare tax, a high-income taxpayer's wages will be subject to a 2.35% Medicare tax on wages above the threshold.
Podcast
Podcast: Certification of U.S. Tax ResidencyAsset management
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.
Podcast
Podcast: Frequently Asked Questions on Form 1139, Corporation Application for Tentative RefundAsset management
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.
- Global tax accounting services newsletter: April-June 2012
7/18/12 | Global tax services
This quarterly newsletter from PwC's Global Tax Accounting Services Group highlights issues that may be of interest to tax executives, finance directors and financial controllers. In this release, we discuss a recent update to the financial accounting convergence projects and other accounting and reporting developments along with the related tax accounting considerations.
- Federal Circuit invalidates interest capitalization "associated property rule" when applied to temporarily withdrawn property
7/17/12 | Washington national tax services (WNTS)
In Dominion Resources, Inc. v. United States, the U.S. Court of Appeals for the Federal Circuit, reversing the Court of Federal Claims, held that the "associated property rule" -- when applied to property temporarily withdrawn from service -- is invalid because it is not a reasonable interpretation of section 263A(f). For more, read this WNTS insight.
- Issues for employers following Supreme Court ACA decision
7/2/12 | Human resource services
A divided Supreme Court has ruled that the requirement under the Affordable Care Act (ACA) that all Americans have health insurance is a constitutional exercise of the Congress's power to tax.
- Final foreign tax credit regulations on overall domestic losses and overall foreign losses provide certainty, flexibility
6/29/12 | Washington national tax services (WNTS)
The IRS recently issued final regulations under sections 904(f) and (g) that implement the overall domestic loss (ODL) regime enacted in the American Jobs Creation Act of 2004. The regulations also provide updates that reflect statutory amendments to the overall foreign loss (OFL) rules enacted since 1986.
- Supreme Court upholds health care law; tax provisions remain in place
6/28/12 | Washington national tax services (WNTS)
The U.S. Supreme Court today issued its decision on the "Patient Protection and Affordable Care Act" and the related Reconciliation Act of 2010. In a five to four decision, the Court ruled that the ACA's mandate for individuals to purchase health insurance is constitutional under the taxing power of Congress.
- Business Tax Legislation Uncertain
6/26/12 | Financial Executives International
Though little is expected from Washington this election year, will Congress act at all on significant tax reform or simply wait for 2013? Regardless of timing, financial executives should pay careful attention to the details of ongoing tax discussions.
- OECD releases highly anticipated draft of intangibles transfer pricing guidelines
6/22/12 | Washington national tax services (WNTS)
The OECD on June 6 published the first public Discussion Draft of its revision of Chapter VI, Special Considerations for Intangible Property, of the OECD Transfer Pricing Guidelines. The Discussion Draft addresses numerous issues; this WNTS Insight focuses on some of the most important.
- PwC's global tax accounting services newsletter: January - March 2012
6/7/12 | Global tax services
This quarterly newsletter from PwC's Global Tax Accounting Services Group highlights issues that may be of interest to tax executives, finance directors and financial controllers. In this release, we discuss some recent updates to the financial accounting convergence projects and other tax accounting developments along with the related tax accounting considerations.
- IRS provides guidance on the $2,500 annual limit for FSAs
6/6/12 | Human resource services
The IRS recently released Notice 2012-40 providing guidance regarding implementation of the new $2,500 annual limit on employees' elective salary reduction contributions to healthcare flexible spending arrangements ("health FSAs"), which was added to the Code by the Affordable Care Act of 2010 ("ACA").
- Claims Court: Transfer pricing regulations bar amended return that would reduce taxable income
6/5/12 | Washington national tax services (WNTS)
Citing the "plain meaning" of one provision of the section 482 transfer pricing regulations, the U.S. Court of Federal Claims has held that the regulations prohibit a taxpayer from making any changes to the computation of transfer prices on an amended return if those changes would reduce the taxpayer's taxable income. The taxpayer, Intersport Fashions West (Intersport), has appealed the decision to the U.S. Court of Appeals for the Federal Circuit.
- IRS LB&I Division to realign domestic operations for greater efficiency
5/29/12 | Washington national tax services (WNTS)
The Commissioner of the IRS Large Business and International Division (LB&I) announced a partial realignment of LB&I domestic operations. The goal of the realignment is to make the division more agile, efficient, and consistent in its ongoing operations. The realignment is expected to take several months to complete, and will take effect on October 1, 2012, the start of the IRS's next fiscal year.
- Assessing tax: 2012 tax rate benchmarking study for industrial products and services companies
5/15/12 | Industrial products
Assessing tax provides benchmarking data from industrial products and services companies including aerospace and defense, chemicals, engineering and construction, industrial manufacturing, metals, and transportation and logistics. The report provides a detailed analysis of tax rate metrics for the companies benchmarked. This edition includes report on transfer pricing, supply chain management, and merger and acquisition activity.
- IRS rules favorably on key bonus depreciation issue
5/14/12 | Washington national tax services (WNTS)
In a recently issued private letter ruling (PLR 201214003), the IRS concluded that certain self-constructed property qualifies for the 50-percent additional first-year depreciation deduction (bonus depreciation) under section 168(k)(1) and that some components of the property may qualify for 100-percent bonus depreciation if a proper election is made.
- Supreme Court upholds restrictive view of six-year tax assessment provision
4/25/12 | Washington national tax services (WNTS)
By a 5-4 vote without a clear majority opinion, the U.S. Supreme Court today held that the overstatement of basis of an asset does not give rise to an omission of gross income for purposes of establishing a six-year period of limitations for assessment. In so doing, the Court placed a restriction on last year's opinion in Mayo Foundation for Medical Education and Research v. United States.
- Key tax accounting considerations of further reductions to the United Kingdom's main corporate tax rate
4/5/12 | Tax accounting services
The UK has announced further amendments to the main corporate tax rate -- the rate applicable from April 1, 2012 to March 31, 2013 will be reduced from 25% to 24% and a further rate reduction to 23% will be applicable from April 1, 2013. This issue of Tax accounting insights discusses why multinational groups with UK entities are encouraged to assess the tax accounting implications of these tax rate changes.
- IRS increases scrutiny of compliance with executive compensation deduction limit
3/22/12 | Washington national tax services (WNTS)
Continuing recent trends toward increased scrutiny of executive compensation, the IRS has stepped up its audit activity with respect to the $1 million annual deduction limitation on certain compensation paid to "covered employees" of publicly held corporations under Code section 162(m), as well as taxpayer compliance with the requirements for nonqualified deferred compensation arrangements under section 409A.
Tax accounting insights
Key areas of focus when accounting for income taxes during interim periods3/21/12 | Tax accounting services
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.
- Decision Points for Tax Policy - 2012 Tax Legislative Outlook
2/23/12 | US tax services
In this publication, PwC's Washington National Tax Services (WNTS) offers a preview of the key tax policy issues facing the Obama Administration and Congress in 2012, including the outlook for tax reform, deficit reduction measures, business tax provisions that expired at the end of 2011, individual tax provisions scheduled to expire at the end of 2012, and other tax policy matters of importance to today's business leaders.
- Obama Administration releases business tax reform framework
2/22/12 | US tax services
The Obama Administration today released a 25-page "framework for business tax reform" that calls for a 28-percent top corporate income tax rate. The framework proposes a tax rate of no more than 25 percent for certain domestic manufacturers and a permanent research credit. The framework also calls for a "minimum tax on overseas profits."
- Medtech focus: IRS and Treasury publish notice of proposed rulemaking implementing new Medical Device Excise Tax
2/8/12 | Health Research Institute
IRS and Treasury publish notice of proposed rulemaking implementing new Medical Device Excise Tax, February 2012
- Accelerating FATCA compliance
1/19/12 | Financial services
This white paper explores PwC's unique approach to FATCA compliance and how its methodology has helped financial services institutions develop strategic and comprehensive assessment and implementation blueprints to achieve compliance.
Tax accounting insights
Income Tax Accounting, A comparative look between US GAAP and IFRS1/5/12 | Tax accounting services
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.
Tax accounting insights
Tax accounting services: The impact of transfer pricing in financial reporting9/23/11 | Tax accounting services
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.
Webcast
PwC US tax services WebcastsView a list of upcoming and archived webcasts from PwC's US tax services group
Tax accounting insights
Seven principles to consider when preparing a tax provision for subsidiary or carve-out financial statements5/16/11 | Tax accounting services
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.
Tax accounting insights
IFRS, the current landscape for US tax executives1/9/11 | Tax accounting services
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
Tax accounting insights
Goodwill impairment testing: Tax considerations12/21/09 | Tax accounting services
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).
Tax accounting insights
Debt restructurings and bankruptcy: Accounting, tax and FAS 109 considerations6/4/09 | Tax accounting services
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.
Tax accounting insights
Stock option awards under IFRS: Tax accounting impacts earnings7/7/08 | Tax accounting services
PwC analysis of the potential impact of IFRS on shared-payment stock plans. An IFRS conversion may affect cash taxes and affect financial reporting systems and processes.
Tax accounting insights
More likely than not: A comparison of FIN 48 and the tax penalty standard6/2/08 | Tax accounting services
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.