Tax accounting considerations for potential US tax reform

October 2024

In brief

What happened?

The upcoming US election will decide control of both the White House and Congress and will ultimately determine the agenda for future tax legislation. With several significant corporate Tax Cuts and Jobs Act (TCJA) provisions (as well as certain other legacy provisions) set to change or sunset in the near term, it is expected that the new administration will focus on tax legislation in 2025.   

Given the potential impact that a change in legislation could have on financial reporting, companies should begin to evaluate the effects that tax policy proposals may have on the income tax provision. To assist in that evaluation, this publication outlines certain US GAAP income tax accounting considerations for companies to assess as they prepare for potential US tax reform. 

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Ed Geils

Ed Geils

Global and US Tax Knowledge Management Leader, PwC US

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