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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.
Also, listen in to our tax foundations podcast series below. The first episode offers a refresher on what’s in scope of ASC 740, while the second installment focuses on valuation allowances.
Subscribe to our podcast
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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