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.





US Tax Reform

Both the House and Senate passed separate tax reform bills that could be enacted this year and immediately impact financial reporting.


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Audit considerations associated with US tax reform proposals

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Richard Levin
US Tax Accounting Services Leader

Jennifer Spang
Partner, National Professional Services Group

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