The 2017 tax reform reconciliation act - the largest overhaul of the US tax code in 31 years - is already having a substantial impact on US taxpayers, including on operating models and business strategy decisions.
The U.S. Tax Cuts and Jobs Act was signed into law on 22 December 2017 by President Donald Trump and significantly changed the taxation of non-U.S. corporations owned directly or indirectly by U.S. persons. This resource takes a closer look at who is impacted by the changes.
For the CFO and Corporate Treasurer, US tax reform could affect everything from capital allocation, funding strategies and liquidity management practices to structure and organisation, presenting new opportunities and risks to the prior ways of conducting business. With this in mind, they should therefore act quickly by evaluating the implications to the company and work across the enterprise to compose short and long term strategy and execution plans.
Recordings are now available of all three episodes in our recent series of webcasts focused on the aspects of US tax reform likely to have the biggest impact on European headed multinationals.
The US Tax Cuts and Jobs Act which was signed into law on 22 December 2017 by President Donald Trump effectively doubled the existing lifetime Estate and Gift tax exclusion amount. Prior to the tax reform, an individual’s lifetime Estate and Gift tax exclusion was $5.49 million (2017 tax year), with the new exclusion amount from 1 January 2018 increasing to $11.2 million including inflation adjustment.
We highlight the key changes together with some brief commentary on things that can be done before the end of the year to maximise the benefit of various deductions/exemptions that certain taxpayers or employers may claim.
On 22nd December 2017, the Tax Cuts and Jobs Act, which brings significant changes to the US tax system, was signed by President Trump and has now become law. The legislation impacts the taxation of some executive compensation and a number of employee benefits.
Find out how sweeping changes to the US tax law will impact your company's financial statements.
On Friday 22 December, President Trump signed the tax reform bill (HR 1) into law. The law will lower business and individual tax rates, modernize US international tax rules, and provide the most significant overhaul of the US tax code in more than 30 years.
Congress has given final approval to the House and Senate conference committee agreement on tax reform legislation (HR 1) that will lower business and individual tax rates, modernise US international tax rules, and provide the most significant overhaul of the US tax code in more than 30 years.
When it comes to accounting for tax reform under US GAAP, new questions arise every day. This “frequently asked questions” document shares our views on the most common questions. It covers topics such as accounting for tax reform by non-calendar year ends, asserting indefinite reinvestment in light of tax reform, application of SAB 118, interplay of tax reform with business combinations and goodwill impairments, and other hot topics.
On 15 December, a House and Senate conference committee reached agreement on a final version of tax reform legislation, the ‘Tax Cuts and Jobs Act,’ that would lower business and individual tax rates, modernize US international tax rules, and provide the most significant overhaul of the US tax code in more than 30 years.
Watch a recording of our recent webcast (19 December 2017) to learn more about what the US Senate's tax reform legislation has in store for global companies that do business in the United States.
We highlight some of the key considerations for individuals and employers who interact with the US, and provide some initial guidance on the proposed tax reforms which are likely to come into effect for the 2018 tax year.
To help you assess the financial reporting implications of the US tax reform, we have prepared a summary of the key proposals together with the relevant tax accounting implications under US GAAP.
PwC partners Len Combs and Jennifer Spang discuss the audit considerations associated with US tax reform proposals.
The Senate Finance bill introduces a new tax on ‘global intangible low-taxed income’ and a minimum ‘base erosion and anti-abuse tax’ imposed on certain payments by a US corporation to a foreign related entity.