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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.


  • 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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Meet our team

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Mahesh Narayanasami
Partner, Dept. of Professional Practice, KPMG US
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Matt Drucker
Partner, Dept. of Professional Practice, KPMG US

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Access our accounting research website for additional resources for your financial reporting needs.

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