Is your tax accounting tax reform ready?

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Gray, green, and purple circle - full viewOn December 22, 2017, President Donald Trump signed into law a major overhaul of our tax system of businesses and individuals. Under ASC 740-10-45-15, an entity records the effects of an enacted tax law or rate change in the period in which the new legislation is enacted. The enactment date in the U.S. is the date the bill becomes law, which is when the President signs the bill. Therefore, the effects of these law changes are required to be reported in the 2017 annual financial statements, and as applicable, in the quarterly financial statements of fiscal year entities in accordance with the provisions of ASC 740, Income Taxes.

What are the tax accounting and financial reporting implications of this new tax bill? Download our detailed analysis of how the final tax reform provisions might impact your tax accounting.

Renato Zanichelli
National Managing Partner, Tax Reporting & Advisory
T +1 312 602 9034

April Little
National Partner, Tax Reporting & Advisory
T +1 832 476 3730

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