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.
On May 22, the House passed H.R. 1, proposing broad tax changes that could significantly impact certain tax-exempt organizations, private foundations, and universities.
How can tax leaders future-proof their function? Explore a practical roadmap for embracing innovation, agility and value creation in today's tax landscape
Overview of the House-passed H.R. 1, which encompasses significant tax law changes, increased funding for border security and national defense, and spending reductions affecting various federal programs.
The House of Representatives passed H.R. 1, known as the “One Big Beautiful Bill Act,” on May 22, 2025, with a narrow vote of 215 to 214.
