Hot Topic | April 2020

 

Insight

Income tax accounting impacts of COVID-19

Updated: Potential impacts to income tax accounting, including interim estimates and valuation allowances.

Kayreen Handley

Kayreen Handley

Partner, Dept. of Professional Practice, KPMG US

+1 212-954-8288

Angie Storm

Angie Storm

Deputy Chief Accountant, Dept. of Professional Practice, KPMG US

+1 212-909-5488

Updated: This update includes guidance on how forecasted cumulative losses and going concern disclosures affect the valuation allowance assessment.

Applicability

  • All companies

Relevant dates

  • Effective immediately

Report contents

  • Income taxes in interim periods
  • Changes in tax law
  • Valuation allowance (updated)
  • Intraperiod tax allocation
  • Indefinite reversal criterion
  • Goodwill impairment 

Subscribe to our newsletter

Receive timely updates on accounting and financial reporting topics from KPMG.

Receive timely updates on accounting and financial reporting topics from KPMG.

ARO

Use our Accounting Research Online for financial reporting resources.

Use our Accounting Research Online for financial reporting resources.