Hot Topic | March 2020

 

Income tax accounting impacts of COVID-19

The economic and financial markets effects of the COVID-19 outbreak may have a number of impacts on companies’ income tax accounting under ASC 740. This article addresses how the COVID-19 outbreak may affect interim calculations, valuation allowances and other areas. 

Applicability

  • All companies

Related dates

  • Effective immediately

Report contents

  • Income taxes in interim periods
  • Changes in tax law
  • Valuation allowance
  • Intraperiod tax allocation
  • Indefinite reversal criterion

 

Spotlight on contributors

Kayreen Handley

Kayreen Handley

Partner, Dept. of Professional Practice, KPMG US

Angie Storm

Angie Storm

Partner, Dept. of Professional Practice, KPMG US

 

 

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