Transcription of Frequently Asked Questions About Tax Reform - Deloitte US
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Frequently Asked Questions About Tax Reform - Deloitte US
Frequently Asked Questions About Tax Reform Introduction On December 22, 2017 , President Trump signed into law the tax legislation commonly known as the Tax Cuts and Jobs Act (the Act ).1 Under ASC 740,2 the effects of new legislation are recognized upon enactment, which (for federal legislation) is the date the president signs a bill into law. Accordingly, recognition of the tax effects of the Act is required in the interim and annual periods that include December 22, 2017 . This Financial Reporting Alert (FRA) contains responses to Frequently Asked Questions (FAQs) About how an entity should account for the tax effects of the Act in accordance with ASC 740. While the answers to the FAQs reflect our current views, these views are subject to change on the basis of additional input received or further developments in practice. We plan to continue to update this document to reflect developments as they occur and as additional Questions surface.
Frequently Asked Questions About . Tax Reform . Introduction . On December 22, 2017, President Trump signed into law the tax legislation commonly known
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