Income tax accounting and Tax reform

Accounting for income taxes is a perpetual hot topic in the U.S., posing many challenges for preparers, users and auditors, particularly in the wake of tax reform.

Continued areas of focus/challenge

Among those challenges are:

  • Accounting for the impact of tax reform, including changes in tax rates and other provisions in the Tax Cuts and Jobs Act including deemed repatriation and more
  • tax accounting rules for valuation allowances,
  • intraperiod allocation,
  • interim periods,
  • business combinations, and
  • foreign operations.

The ever-changing landscape of income tax law requires analysis on a continuous basis across multiple jurisdictions. In addition to being complex, the relevant accounting standards contain many nuances, and applying the standards oftentimes involves significant judgments.

 

Accounting considerations for tax reform video series

The financial accounting and reporting for the effects of income taxes is a persistently challenging area for preparers, users and auditors, particularly in the wake of U.S. tax reform. Save this playlist for instant access to insights from PwC professionals on how tax reform will impact valuation allowance assessments, indefinite reinvestment assertions, estimated annual effective tax rates and more.

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Contact us

Richard Levin

US Tax Accounting Services Leader, PwC US

Jennifer Spang

Partner, National Professional Services Group, PwC US

Chad Kokenge

Managing Partner, Capital Markets and Accounting Advisory Services, PwC US

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