Tax reform triggers need for new accounting policy - Assessing the impact of GILTI on realizability of NOLs

In depth , PwC US Aug 08, 2018

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Companies with foreign operations and NOLs need to make a new accounting policy election post-tax reform.

Overview

The Tax Cuts and Jobs Act of 2017 introduced a new tax on global intangible low-taxed income (GILTI). The mechanics of the GILTI rules may impact the amount of cash tax savings that net operating loss carryforwards provide. As a result, companies need to make a policy election that may impact whether the company records a valuation allowance for some or all of their net operating loss carryforwards.

To have a deeper discussion, please contact:

Brett Cohen

Partner, National Professional Services Group, PwC US

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Jennifer Spang

Partner, National Professional Services Group, PwC US

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Kassie Bauman

Managing Director, National Professional Services Group, PwC US

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David Schmid
IFRS & US Standard Setting Leader, National Professional Services Group, PwC US
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