Proposed Changes to The Income Tax Disclosure

The Financial Accounting Standards Board (FASB) proposed to change the income tax disclosure requirements.  The amendments in this proposed update (see the link below) would modify the current disclosure requirements for income taxes for all entities required to account for income taxes under Topic 740.

The following additional proposed disclosures would be required for all entities:

1. Income (or loss) from continuing operations before income tax expense (or benefit) and before intra-entity eliminations disaggregated between domestic and foreign;
2. Income tax expense (or benefit) from continuing operations disaggregated between federal, state, and foreign; and
3. Income taxes paid disaggregated between federal, state, and foreign.

The following proposed disclosures would be required for public business entities:

1. The line items in the statement of financial position in which the unrecognized tax benefits are presented and the related amounts of such unrecognized tax benefits;
2. The amount and explanation of the valuation allowance recognized and/or released during the reporting period; and
3. The total amount of unrecognized tax benefits that offsets the deferred tax assets and carryforwards.

The amendments in this proposed update would be applied prospectively.  Comments must be submitted to FASB by May 31, 2019.

https://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176172382198&acceptedDisclaimer=true

The Proposed Regulations under the Foreign-Derived Intangible Income Regime

The IRS and Treasury released proposed regulations under IRC Section 250 on March 4^th, 2019 (the “Proposed Regulations”).  The Proposed Regulations provide guidance with respect to special federal tax deduction under the new foreign-derived intangible income regime enacted as part of the 2017 tax reform effective for tax year 2018.  Under this regime, domestic corporations with qualifying income is allowed a deduction equal to 37.5% of their foreign-derived intangible income and 50% of their global intangible low-taxed income.

The Proposed Regulations provide guidance related to the mechanics of determining a domestic corporations foreign-derived intangible income, the application of the deduction in the consolidated group and partnership structure, and the its interplay with IRC sections 163(j), 172(a) and 78.  Most importantly, the Proposed Regulations requires contemporaneous documentation requirement for companies claiming deductions under the regime.

Please click on the link below to view the Proposed Regulations.

https://s3.amazonaws.com/public-inspection.federalregister.gov/2019-03848.pdf

Proposed Accounting Standards Update – Share-Based Consideration Payable to a Customer

Financial Accounting Standards Board (“FASB”) proposed amendments to ASC 718 which requires entities to apply the guidance in ASC 718 to measure and classify equity instruments granted in connection with the sale of goods or services to customer.  Under the proposed amendment, entities are required to measure share-based payments to customers using the grant-date fair value of the share-based payment award and the amount would be recorded as a reduction in revenue.  The grant date is the date at which a grantor and a grantee reach a mutual understanding of the key terms and conditions of a share-based payment award.

Comments are due by April 18, 2019.

Please click on the link below to view the proposed amendment.

https://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176172244836&acceptedDisclaimer=true

임대 부동산 소유주들을 위한199A 공제

미국세법 199A에 의거하여, 주식회사가 아닌 납세자 (즉, 파트너쉽, S Corporation 및 개인사업자 형태로 사업을 하는 경우)는 적격사업 소득의 20%를 공제할 수 있다. 몇가지 예외 조항이 있지만, IRS의 제안규정에 따르면, 납세자의 임대사업이 세법조항 162(a)에서 규정하는 “사업활동”에 부합하는 경우, 임대 부동산 소유주들도 이와 같은 임대사업으로 부터 얻는 소득에 199A 공제를 받을 수 있게 된다. 다만, 162(a)는 “사업활동”의 명확한 정의가 나와 있지 않아 논란 및 불확실성의 여지가 있는 바, IRS에서는 2019-07 노티스를 통하여 어떠한 경우에 임대사업이 20% 공제를 받을수 있는 사업활동으로 간주되는지에 대한 안전피난처 (“Safe Harbor”)를 포함한 제안규정을 공시하였다. (안전피난처란 특정 상황에서 또는 특정 조건이 충족되는 경우 책임 또는 형벌로부터 보호받을 수있는 법률 또는 규정의 조항을 말한다).

안전피난처 조항에 따르면, 임대사업이 199A 공제를 받을수 있는 사업활동으로 간주되기 위해서는 아래의 요건들을 충족하여야 한다.

• 각각의 임대사업체별로 임대수입 및 비용등을 정리한 장부관리가 개별로 이루어 져야 한다;
• 매년 250시간 이상의 렌탈 서비스가 이루어져야 한다; 그리고
• 렌탈 서비스가 몇 시간 제공되었는지, 어떠한 종류의 서비스가 제공되었는지, 어느 날짜에 누가 이러한 서비스를 제공하였는지에 대해서 실시간으로 기록을 보관하여야 한다.

IRS의 노티스에 따르면, 렌탈 서비스는 (i) 임대에 대한 광고, (ii) 임대차 계약에 대한 협상 및 계약 타결, (iii) 입주자 신청서에 대한 확인, (iv) 임차료 수금, (v) 임대 부동산에 대한 일과 운영, 수리 및 보수, (vi) 부동산 관리, (vii) 필요한 자재 구매, 및 (viii) 직원 및 계약자들 관리 등 을 포함한다. 이와 같은 렌탈 서비스는 부동산 소유주, 직원, 대리인 및 개인계약자 들이 제공할 수 있다.

트리플 넷 리스와 임대 부동산에 소유주가 거주하는 경우는 노티스에서 명확하게 안전피난처에서 제외되었다.

더 자세한 내용은 다음의 링크에서 확인할 수 있다: <<https://www.irs.gov/pub/irs-drop/n-19-07.pdf>>