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30 March 2016

EY publication highlights accounting implications of 2016 Q1 tax developments

Note: The attached publication was updated on April 26, 2016, to remove a sentence on Tennessee's income apportionment method and its market-based apportionment formula for sales of non-tangible personal property. Those provisions are effective July 1, 2016, not January 1, 2016.

The Quarterly Tax Developments for the quarter ended March 31 is attached below. Prepared by Ernst & Young LLP's Tax Accounting group, this publication provides a quarterly overview of enacted and effective tax legislation, as well as regulatory developments and other items through March 15, 2015. Highlights of this edition include:

— Tax legislation enacted in the first quarter
— Tax legislation effective in the first quarter
— Income tax treaties effective in the first quarter
— Other developments
— Things we have our eyes on
— New FASB guidance on classifying and measuring financial instruments

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RELATED RESOURCES

— For more information about EY's Tax Accounting services, visit us at www.ey.com/US/TaxAccounting
— For more information about EY's Tax Accounting University education program for clients, visit us at www.ey.com/TAU

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Contact Information
For additional information concerning this Alert, please contact:
 
Tax Accounting and Risk Advisory Services
• Angela Evans(404) 817-5130
• Joan Schumaker(212) 773-8569
• George Wong(212) 773-6432

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ATTACHMENT

Quarterly Tax Accounting Developments for 1st quarter 2016

Document ID: 2016-0590

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

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