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ASC 740 latest developments and implications

US tax reform is a high-priority issue for companies. These periodic tax reform alerts highlight the latest tax accounting developments and ASC 740 implications for organizations.

The corporate tax provisions of the Tax Cuts and Jobs Act – latest developments

The Tax Cuts and Jobs Act (TCJA) continues to evolve. On Thursday, November 16, the House of Representatives passed the Tax Cuts and Jobs Act, H.R. 1 (the “House bill”), which was originally released on November 2 and subsequently amended. On November 9, Senator Orrin Hatch (R-UT), Chairman of the Senate Finance Committee, had the staff of the Joint Committee on Taxation release its “Description of the Chairman’s Mark” (the “Senate proposal”) of the Tax Cuts and Jobs Act, a proposal to be marked up by the Senate Finance Committee the week of November 13.

On November 16, the Senate Finance Committee voted to approve the Senate proposal, including amendments. The Senate proposal will now advance to the Senate floor for consideration by the full Senate.

This alert highlights a comparison of notable provisions in the House bill and the Senate proposal impacting corporations. See full document for ASC 740 considerations, including:

  • Remeasurement of deferred taxes
  • Effective tax rate implications
  • Valuation allowance considerations
  • Outside basis differences

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Dbriefs: Tax accounting and provisions: Year-end updates and other hot topics

As year-end 2017 approaches, companies are likely to be required to accomplish a lot in a short period of time. What tax accounting and financial reporting matters may be important for your company as the new year gets closer? We'll discuss:

  • Considerations for avoiding control deficiencies.
  • PCAOB and SEC matters and updates.
  • Year-end hot topics.

Participants will gain valuable insights on the latest tax accounting developments and their impact on financial reporting for taxes.

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November 28
2 p.m. ET | 19:00 GMT
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Dbriefs: US tax reform: What businesses and individual taxpayers should know

Congressional efforts to enact tax reform include potential changes to the tax code that are quite broad. What recent tax legislative and regulatory developments could significantly impact your company’s business models? Participants will learn about what could be the first meaningful tax reform in three decades while exploring emerging requirements that could impact businesses and practical steps to be taken in response.

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November 29
2 p.m. ET | 19:00 GMT
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