The 2017 tax law in the United States (Pub. L. No. 115-97, the law that is also referred to as the “Tax Cuts and Jobs Act” (TCJA)) imposed a one-way book-tax conformity requirement that could unexpectedly accelerate gross income for tax purposes.
Understanding the new rules is critical, enabling taxpayers to foresee and potentially mitigate potentially adverse tax consequences.
Read an October 2019 report [PDF 162 KB] that discusses recently proposed regulations addressing the new requirement, focusing both on positive clarifications proposed by the regulations, as well as on a few less welcome surprises.
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