Corporate Income Tax Accounting

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The overlap between tax accounting and income tax law continues to grow, and the result is increasing complexity. Frequent changes and ongoing evolution in both fields give practitioners a lot to keep up with. To assist practitioners in identifying issues, structuring their planning, and efficiently meeting all applicable requirements, Corporate Income Tax Accounting sets forth the current realities and provides practitioners with tools and strategies.

Corporate Income Tax Accounting offers coverage of the following:

• Accounting for income taxes
• Accounting for uncertain income tax positions under FASB ASC 740-10
• Tax and financial accounting issues affecting multinational enterprises
• Permanent vs. temporary differences
• The impact of auditor independence rules on tax services
• Management assessment and auditor attestation of internal controls
• Documentation
• Specific technical taxation issues that commonly arise
• Attorney-client and related privileges
• Transfer pricing and permanent establishment matters
• Tax opinion preparation
• Negotiating with the outside auditor
• Preparing for an IRS examination
• Tax authority Advance Resolution programs

Below are some of the highlights of the 2019 edition of Corporate Income Tax Accounting:

• Chapter 1, Introduction, includes an involved discussion of the Tax Cuts and Jobs Act of 2017 (TCJA), including cross-border taxation, international provisions, and financial accounting.
• Chapter 2, Accounting for Income Taxes, addresses the tax deduction for foreign-derived intangible income introduced by the TCJA, which is a special deduction that creates a permanent difference, along with other aspects of the TCJA that impact accounting for income taxes.
• Chapter 3, Uncertain Tax Positions, includes disclosure examples that relate to the TCJA and SEC’s Staff Accounting Bulletin No. 118, which is intended to provide financial statement disclosure guidance for reporting periods under the TCJA.
• Chapter 4, Permanent versus Temporary Differences, discusses global intangible low-taxed income (GILTI), a category of subpart F income added by the TCJA.
• Chapter 9, Specific Situations, covers the impact of the TCJA’s repeal of the corporate alternative minimum tax.
• Chapter 12, Tax Opinion Preparation, has been updated to reflect the latest judgements from the Tax Court concerning IRS supervisory approval of penalties.