Income tax

Accounting for income taxes is a perpetual hot topic in the U.S. The overall accounting model for income taxes has been in place for many years, yet the accounting for income taxes continues to pose many challenges for preparers, users, and auditors.

 

Continued areas of focus/challenge

Among those challenges are:

  • tax accounting rules for valuation allowance,
  • intraperiod allocation,
  • interim periods,
  • business combinations, and
  • foreign operations.

The ever-changing landscape of income tax law requires analysis on a continuous basis across multiple jurisdictions. In addition to being complex, the relevant accounting standards contain many nuances, and applying the standards oftentimes involves significant judgments.

US Tax Reform

Both the House and Senate passed separate tax reform bills that could be enacted this year and immediately impact financial reporting.

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Audit considerations associated with US tax reform proposals

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Contact us

Richard Levin
US Tax Accounting Services Leader
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Jennifer Spang
Partner, National Professional Services Group
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