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Income tax accounting and Tax reform
Feature - 3 items
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.
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