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Global aspects of tax reform prove particularly difficult

Tammy Whitehouse | April 24, 2018

Elation morphed into confusion in the first quarter of 2018 as companies celebrated tax reform, then dug in to figure out what it all means and how to comply.

Especially with respect to the implications for foreign-earned income, public companies are still slogging through details, performing tedious calculations, and looking for more guidance before they can be sure of how to comply with provisions of the Tax Cuts and Jobs Act.

“This was a sea change,” says Lewis Greenwald, a partner at law firm DLA Piper. “A lot is happening, and there are still unanswered questions.”

The Securities and Exchange Commission anticipated it would take time for companies to comply with the financial reporting implications of the new tax law, establishing a...

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