The Senate passed its version of the Tax Cuts and Jobs Act at approximately 2 a.m. on the morning of December 2, 2017, almost entirely along party lines. The final vote was 51-49 with only Senator Bob Corker (Republican, Tenn.) defecting. The House is scheduled to vote December 4, 2017 regarding conferencing with the Senate […]
Displaying: Tax Reform
How Tax Reform Could Impact Financial Statements
As Tax Reform legislation works its way through Congress, we’ve mostly heard about its potential impact on personal or corporate income tax bills (i.e. “how will the GOP tax plan affect me?”) However, those involved in the financial reporting process should also be considering how potential tax reform could impact financial statements. Per ASC Topic 740, […]
Senate Tax Reform Highlights and Key Differences from the House Bill
By Nick Spoltore On November 9, 2017, the Senate released its Description of the Chairman’s Mark of the “Tax Cuts & Jobs Act,” detailing many proposed changes to the Code. The following highlights are major points of the proposed legislation. The changes apply to tax years beginning in 2018 unless noted. 2017 Tax Rates – […]