Month: December 2017

Technical Line – Accounting for the effects of the Tax Cuts and Jobs Act

Go to Source Author: The Tax Cuts and Jobs Act significantly changes US corporate income tax law by reducing the corporate income tax rate to 21%, creating a territorial tax system (with a one-time mandatory tax on previously deferred foreign earnings), broadening the tax base and allowing for immediate capital expensing of certain qualified property. This publication provides accounting and reporting guidance that companies should...

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Accounting pronouncements effective in 2017

Go to Source Author: Several new accounting pronouncements are effective for 2017 interim or annual periods for calendar-year entities. We list them along with related EY publications. All entities should carefully evaluate which accounting requirements apply to them for the first time in...

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Quarterly tax developments – December 2017

Go to Source Author: Our December 2017 edition is designed to help you identify changes in tax law and other events when they occur so the accounting can be reflected in the appropriate period. This edition includes certain enacted tax legislation, as well as regulatory developments, legislative proposals and other items, through 14┬áDecember 2017, to consider as you prepare your income tax provision. We’ve also listed our tax and other publications that provide more detail on the topics we...

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To the Point – President Trump signs tax reform into law

Go to Source Author: Today, President Trump signed the Tax Cuts and Jobs Act into law. The new law could have significant income tax accounting implications for companies starting in the period when the law is enacted. As a result, companies should start executing their implementation plans now so they are prepared to record and disclose the financial reporting effects as...

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