Question: What Are the Key Updates in the FASB Income Tax Disclosure Requirements?
The Expert: Frances Alonso
In 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The purpose of the ASU is to enhance the transparency and usefulness of income tax disclosures, primarily focused on two main areas: rate reconciliation and income taxes paid.…
Making Sense of CAMT Complexity
When worlds collide, chaos ensues
The corporate alternative minimum tax (CAMT) under Section 55 of the Internal Revenue Code and related provisions was enacted as part of the Inflation Reduction Act of 2022.1 Its structure as an income tax emanating from book income has resulted in a collision of financial and tax accounting, with the…
Continuing Education Calendar
2025 Tax Technology Seminar May 5–7 Seattle, WA Federal Tax Course – Level 1 May 19–23 Atlanta, GA Consolidated Returns Seminar June 24–25 Virtual Annual Meeting of Members August 10–12 Burlington, VT US International Tax Course August 11–15 Atlanta, GA 3rd Annual International Tax Student Case Competition August 15–16 Montréal,… Read more »
The Impact of AI in R&D Tax Credits
For the last several years we’ve heard that artificial intelligence (AI) is here and it’s changing the world. Yet look around—what’s changed? Sure, chatbots galore are ready to answer a question or two without your sitting on hold. And yes, dozens of tweets and LinkedIn posts are clearly penned by… Read more »
TEI Holds 75th Midyear Conference in Washington, D.C.
TEI’s 75th Midyear Conference, held at the Grand Hyatt Washington in March, brought together more than 300 in-house tax professionals, 135 speakers, and 40 exhibiting sponsors for an immersive experience designed to address the most pressing issues in today’s rapidly evolving tax landscape. This year’s Midyear Conference featured a comprehensive… Read more »
TEI Comments—Canadian Capital Gains Tax Increase
On January 20, TEI submitted comments to the Canada Revenue Agency (CRA) regarding its administration of a potential increase in the Canadian capital gains inclusion rate. TEI noted the inappropriateness of CRA administering the increase as if it has been enacted into law when it has not, as well as… Read more »
TEI Launches Tax Leadership Academy
On March 14, TEI launched its inaugural Tax Leadership Academy (TLA) at its offices in Washington, D.C. The TLA is a new educational opportunity developed to elevate leadership capabilities for in-house tax professionals. Topics to be covered include cornerstones of tax leadership, negotiation and influence, leading through change, and adaptability… Read more »
TEI Submits Comments on CAMT Proposed Regulations
On January 16, TEI submitted comments on the proposed regulations on the corporate alternative minimum tax (CAMT). TEI’s comments addressed foreign tax credit considerations and provided recommendations for modifications to adjusted financial statement income related to the treatment of investments in certain financial instruments and the treatment of certain covered… Read more »
An Overview of the EU Public Country-by-Country Reporting Rules
A comprehensive breakdown, with guidance for preparation
The European Union (EU) has long been at the forefront of furthering corporate transparency and accountability. A significant step in this direction was the introduction of nonpublic country-by-country reporting (CbCR) rules in the EU for fiscal years beginning on or after January 1, 2016.1 The nonpublic CbCR rules require multinational…
TEI World Tour
International President Josephine Scalia’s travels have been underscored by global engagement and inspiration
TEI International President Josephine Scalia is no stranger to worldwide travel, but this go-around, she got firsthand experiences with the Institute’s global community—in droves. Since August, Scalia traveled from her native Canada, throughout the United States, to the Middle East, and across Asia, with her journey ending in December. “In…
The Fringe Benefit Rules Applicable to Protecting Executives Since the 2024 murder of Brian Thompson, the CEO of…
TEI Roundtable No. 53: Using AI for Tax Law Research As artificial intelligence continues its scorching rise, in-house tax professionals…
Zooming In on Tax Provision Software’s Biggest Benefit It’s no secret that the annual income tax provision is…
Opportunity Knocks: Resolving Tax Issues in the Current IRS Environment Decades of underfunding and hiring freezes have thoroughly depleted the…
Nurturing the Future of TEI My presidency came at a pivotal time for TEI and…
The View From Above Authors’ note. This article was prepared on April 22, updated…