New rules provided by the Bipartisan Budget Act of 2015, for IRS examination proceedings of partnership entities may have financial reporting implications.
As entities assess the effect of the new rules, questions may arise concerning potential accounting for income taxes issues, including the characterization of an obligation as an income tax of the partnership, accounting for tax elections, accounting for changes in tax laws, accounting for uncertainty in income taxes, and the effect on financial statement disclosures.
This KPMG report is intended to summarize the potential impact of the new tax law and provide an overview of several accounting for income taxes considerations under U.S. generally accepted accounting principles.
Read a January 2016 report [PDF 183 KB] prepared by KPMG LLP: What’s News in Tax: Potential Financial Reporting Implications of Changes to Partnership Examinations
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