In depth

Accounting for 2025 US tax reform

Insight
10 minute read
July 07, 2025

At a glance

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act, which includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain key Tax Cuts & Jobs Act provisions (both domestic and international), expanding certain Inflation Reduction Act incentives while accelerating the phase-out of others, and modifying the endowment excise tax for higher education institutions.

This In depth includes an overview of US GAAP accounting for tax law changes, as well as a highlevel discussion of certain key corporate provisions of the act and related financial reporting considerations at the date of enactment. This In depth is not intended to be a comprehensive summary of all corporate tax provisions included in the act. Refer to this Tax insight from PwC’s tax specialists on the final legislation.