The enactment of tax reform on December 22, 2017, introduces the most significant legislative change to the tax system since the Reagan administration. It also includes the most substantial international tax reform in decades, and is a major overhaul of the Internal Revenue Code (IRC) that will impact every taxpayer in the U.S.

Tax reform will have a considerable financial reporting impact, and particularly as it relates to ASC Topic 740 Income Taxes (ASC 740). Reporting entities are required to record the impact of tax reform in the period that includes the enactment date. This publication addresses the accounting for income tax implications and financial statement disclosures associated with key tax law changes.

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© 2021 Tax Prodigy, LLC The training provided by Tax Prodigy Provision Academy is general information only and is not, by means of this publication or recording, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication/recording does not substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified advisor. TAX PRODIGY, LLC shall not be responsible for any loss sustained by any person who relies on this publication.

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