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Income tax accounting impacts of COVID-19

Hot Topic | April 2020

Updated: Potential impacts to income tax accounting, including interim estimates and valuation allowances.

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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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Hot Topic: Coronavirus

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Financial reporting impacts of COVID-19

Guidance, updates and news covering financial reporting impacts of COVID-19

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Income taxes

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Angie Storm
Chief Accountant, Dept. of Professional Practice, KPMG US
Image of Angie Storm
Angie Storm
Chief Accountant, Dept. of Professional Practice, KPMG US

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