What are the California PTE elective tax 2026 deadlines and SB 132 changes? Qualified entities must make the PTE elective tax initial payment by June 15, 2026 — the greater of 50% of last year’s elective tax or $1,000 — or face a 12.5% reduction in PTE credit allocated to consenting partners under Senate Bill…
What are the most important international tax updates for May 2026? Deloitte’s World Tax Advisor (1 May 2026) highlights nine cross-border developments — including Australia’s revised transfer pricing for inbound distributors, Kuwait’s exemption from the 5% retention rule for Pillar Two MNEs, a UK Court of Appeal ruling on a treaty main purpose test, and…
What is the qualified opportunity zone designation process for 2027? Rev. Proc. 2026-14 sets the procedure for State CEOs to nominate census tracts as QOZs effective January 1, 2027 — implementing the OBBBA’s overhaul of Sections 1400Z-1 and 1400Z-2, which now includes a new Qualified Rural Opportunity Fund (QROF) category and a flexible “applicable start…
What is ASU 2023-09 and how are companies handling the new income tax disclosures in their first year? ASU 2023-09 requires public business entities to disclose an eight-category income tax rate reconciliation in both percentages and dollar amounts, plus jurisdictional disaggregation by state and country — and Fortune 500 first-year adoption shows California and Canada…
How should companies handle tariff disclosures after the IEEPA Supreme Court ruling? The Supreme Court’s February 20, 2026 6-3 ruling that the IEEPA does not authorize presidential tariff impositions has shifted the disclosure landscape — and SEC guidance now expects MD&A coverage of magnitude, mitigation, recovery, and known trends, with quantification preferred and non-GAAP adjustments…
What are the latest AI disclosures 10-K trends among Fortune 500 companies? 95% of Fortune 500 registrants now disclose AI-related matters in their 10-Ks (up from 84%), with Risk Factors leading at 95% — and the SEC is signaling a shift in focus toward AI governance, explainability, and emerging fraud risks. If you’re drafting your…
How should businesses account for government grants under US GAAP? US GAAP has no comprehensive standard for business government grants, so entities apply an accounting policy by analogy — typically IAS 20 (deferred income or net asset reduction), ASC 958-605 contribution model, or revenue recognition — and now must comply with ASU 2024-04’s enhanced disclosure…
What is the new PIK dividends measurement rule under ASU 2026-01? Issuers must measure paid-in-kind dividends on equity-classified preferred stock by multiplying the stated PIK dividend rate by the liquidation preference of the shares — eliminating the prior diversity in practice between discretionary and nondiscretionary approaches. On April 23, 2026 the FASB issued ASU 2026-01,…
How are the new OBBBA tax deductions performing in the 2026 filing season? More than 60 million taxpayers have claimed at least one OBBBA deduction — 34M for the senior deduction, 28M for overtime, and 7M for tipped income — even as the House Appropriations Committee advances a $10.2B FY2027 IRS budget that would cut…
What are the most important state tax updates April 2026? Multiple states moved on OBBBA conformity (Oregon, Maine, Kentucky, New Mexico), Maine created a new PTET and 2% high-income surcharge, Wisconsin extended R&D credit carryforwards to 50 years, Kentucky added a 14.25% prediction-market excise, and Washington’s new 9.9% personal income tax on income over $1M…
