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

Partner, 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 

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