How will recently expired US tax provisions affect your financial statements? Tax Accounting Considerations for Expired Tax Provisions
A number of widely relevant US tax law provisions affecting businesses expired on December 31, 2013. That includes the research and development tax credit, work opportunity tax credit, increased expensing and bonus depreciation allowances, and certain favorable ‘subpart F’ provisions (i.e., the look-through treatment of payments between related controlled foreign corporations and exceptions for certain active financing income). The financial reporting implications of the expirations should be kept in mind both for calendar year-end and interim-period financial statements.