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.

 

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Richard Levin
US Tax Accounting Services Leader, PwC US
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Partner, National Professional Services Group, PwC US
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Chad Kokenge
Managing Partner, Capital Markets and Accounting Advisory Services, PwC US
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