Handbook: Accounting for income taxes
Handbooks | February 2023
Latest edition: KPMG explains the accounting for income taxes in detail, providing examples and analysis.
Our Handbook is designed to assist in an understanding of the application of ASC 740, providing in-depth guidance on a wide range of implementation issues.
Applicability
- All entities subject to income tax
Relevant dates
- Effective immediately
Key impacts
Among other things, this February 2023 edition incorporates:
- New guidance on the accounting for key provisions of the Inflation Reduction Act (IRA) and CHIPS and Science Act, including Corporate AMT and refundable and transferable tax credits.
- Clarified guidance on accounting for tax credits that are like government grants.
- New guidance on accounting for the global minimum tax.
Report contents
- Temporary differences
- Tax calculation
- Valuation of deferred tax assets
- Changes in tax laws, rates or status
- Tax effects of business combinations
- Foreign operations
- Income tax issues associated with share-based payment arrangements
- Financial statement presentation and disclosure
- Other considerations
- Examples of scheduling temporary differences
- Accounting for investments in qualified affordable housing projects
Download the document:
Accounting for Income Taxes
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IRA and CHIPS: Tax considerations
Our impressions on the accounting for key provisions in the recently enacted tax legislation.
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Global Minimum Tax
We address accounting questions related to the new GloBE rules.
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Handbook: Tax credits
Our in-depth guide explains the accounting for various forms of tax credits in accordance with US GAAP.
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