2022 Year-end toolkit: Income tax accounting reminders

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In each episode of our Year-end toolkit series, our guests discuss key areas of the year-end reporting process.

In this episode, PwC partner Jennifer Spang joins us to discuss year-end income tax accounting reminders and what you need to know about recent tax law changes and standard setting activity. 

In this episode, you will hear reminders on:

• 1:12 - Valuation allowances and the pressure on realizability from rising interest rates
• 5:42 - Goodwill impairment and the simultaneous equation
• 8:08 - Tax law changes, including proposed foreign tax credit regulations
• 13:02 -  Developments related to the OECD’s Pillar II framework
• 17:29 - The Inflation Reduction Act and what it means for 2023 reporting
• 27:31 - Standard setting developments, including the upcoming Exposure Draft on the FASB’s income tax disclosure project 
• 36:06 - Final advice for year-end reporting and the importance of staying in front of tax law changes

Stay tuned for the next episode in our Year-end toolkit series. Listen to previous podcasts in our Tax toolkit series in which we discuss valuation allowances and uncertain tax positions. For more information read our summary of accounting considerations in uncertain times, our summary of Pillar II, and our Income taxes guide. In addition, check out our Financial statement presentation guide for information on the presentation and disclosure of income taxes.

Jennifer Spang is a partner in PwC’s National Office who serves as the income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax accounting matters.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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