Special Report

Accounting for Income Taxes after a Sweeping Tax Reform

The uncertainties and constant changes inherent to tax legislation make the tax provision one of the most complicated accounting areas in the FASB Codification. The enactment of the Tax Cuts and Jobs Act (TCJA) — the first major tax legislation enacted in more than 30 years — only adds another layer of complexity.

This special report discusses the primary objectives of Topic 740, summarizes the complexities of preparing the deferred income tax provision, highlights the income tax accounting implications brought on by the TCJA that affect most US corporate entities, provides a deep dive into the disclosures required under Topic 740, and includes a discussion of the FASB and SEC developments following the enactment of the TCJA.

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