How Tax Reform Affects Accounting for Income Taxes (ASC 740)

On December 20, 2017, the US Senate and House of Representatives approved the reconciled, final version of the Tax Cuts and Jobs Act. President Trump is expected to sign the bill into law.

The legislation will significantly alter the tax landscape, including accounting for income taxes, known as ASC 740. Other expected changes include a significant reduction in the corporate tax rate, expansion or disallowance of various business deductions, and comprehensive changes to international tax provisions.

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