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June 26, 2020
2020-1682

EY publication highlights accounting implications of 2020 Q2 tax developments

NOTE: The Quarterly tax developments publication was appended June 30, 2020, to add clarification that the 17% rate stated is the current effective rate for US GAAP purposes, while the 19% rate reversion to April 1, 2020, is pending Royal Assent for enactment. See page 5 of the attachment for details.

The Quarterly tax developments for the quarter ended June 30 is attached below. Prepared by Ernst & Young LLP's Tax Accounting group, this publication provides a quarterly overview of enacted tax legislation, as well as regulatory developments and other items through June 17, 2020, except as noted. Highlights of this edition include:

 — Tax legislation enacted in the second quarter, including many COVID-19 related packages

 — Tax legislation and income tax treaties effective in the second quarter

 — Other developments

 — Things we have our eyes on

If countries with significant economies enact income tax legislation at the quarter close, we will update this publication through June 30, 2020.

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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 (angela.evans@ey.com)
   • Joan Schumaker (joan.schumaker@ey.com)
   • George Wong (george.wong@ey.com)

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ATTACHMENT

Quarterly Tax Accounting Developments for Q2 2020

 

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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