Key highlights of the final and proposed foreign currency regulations
Treasury and the IRS released regulations on the taxation of foreign currency translation gains or losses arising from QBUs operating in a different currency from their owner.
Financial accounting and reporting for income taxes
Accounting Standards Codification (ASC) 740, Income Taxes, addresses how companies should account for and report the effects of taxes based on income. Accounting for income taxes can be challenging as companies navigate the rapidly transforming global tax environment, changing business conditions and increased demands for transparency. PwC’s Tax Accounting Services (TAS) team shares perspective on the potential tax accounting considerations associated with important U.S. and global developments to keep you ahead of changes.
Tax policy is at a crossroads for 2025
Learn what business leaders can do now to prepare
How PwC can help
With the rapid changes, companies are facing increased demands of their income tax accounting and reporting professionals. An increased focus over income tax disclosures and account balances, compressed close cycles, as well as new reporting considerations and standards have further increased organizational needs.
Our global network of tax professionals helps you achieve better control over tax accounting matters through customized tax services to meet the needs of your business. Tax accounting services include:
Tax provision calculation support
Tax accounting support related to acquisition and dispositions
Tax accounting technical assistance and support
Accounting for uncertain tax positions services
Remediation and restatement assistance
Other specialized tax accounting services, including deferred tax analysis and tax basis balance sheet support
Insights
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Updated In depth - Accounting for Pillar Two: Frequently asked questions
This updated In depth includes our responses to frequently asked questions on US GAAP accounting considerations related to the implementation of Pillar Two.
Tax accounting considerations for potential US tax reform
The upcoming US election will decide control of both the White House and Congress and will ultimately determine the agenda for future tax legislation.
Updated In depth: FASB issues guidance on income tax disclosures
This updated In depth related to the FASB's December 2023 income tax disclosure ASU includes our responses to frequently asked questions on the rate reconciliation and income taxes paid disclosures.
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