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Tax reform produces tax scramble for public companies

Tammy Whitehouse | December 26, 2017

With tax reform a reality, public companies are now facing new business planning opportunities and new tax provision and reporting obligations that create a mountain of transition work.

And with the pre-Christmas signing of the bill into law, the Securities and Exchange Commission issued almost simultaneously guidance indicating it will give companies some time to sort out how they will be affected by the new law.

The Tax Cuts and Jobs Act ushers in the biggest change in the U.S. tax code since the mid 1980s. Key provisions of importance to public companies begin with a whopping reduction in the corporate tax rate to 21 percent coupled with a long list of new rules on what’s deductible and what can be carried back into earlier tax years or forward into future tax years. That means companies need to revamp how they calculate their tax provisions and re-measure deferred tax assets and deferred tax...

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