
Illinois budget includes income, sales, and excise tax revisions
Budget-related tax legislation passed by the Illinois General Assembly on June 1 includes significant tax changes.
December 2024
Pillar Two tax legislation has been implemented in over 35 countries, with certain provisions becoming effective as of January 1, 2024. The objective of Pillar Two is for large multinational enterprises to pay a minimum level of tax (a threshold effective tax rate of 15%) on the income arising in each jurisdiction where they operate. This global minimum tax brings significant complexity in determining impacts on the income tax provision for interim and annual financial reporting in calendar year 2024 for many multinational reporting entities.
This In depth includes our responses to frequently asked questions on US GAAP accounting considerations related to the implementation of Pillar Two, including interim considerations applicable for calendar year end companies beginning in the first quarter of 2024, valuation allowance impacts, and other questions, and supplements In depth 2023-03, OECD Pillar Two: Time to act on the global minimum tax.
New questions on standalone entity reporting and balance sheet classification have been added as of December 5, 2024. New questions are marked with the date added.
Budget-related tax legislation passed by the Illinois General Assembly on June 1 includes significant tax changes.
Key proposals for family offices and high net worth individuals in H.R. 1
Summary of the impact of House passed legislation on the pharmaceutical, life sciences, medtech and health services sectors including PwC key observations.
The House-passed HR 1 proposes major changes for financial services, including limits on PTE tax, a higher SALT cap, and increasing US tax for certain inbound investors.