Colleen M. O’Connor, J.D., and Karen S. Messner, E.A., Washington, D.C. Office of KPMG, have published their article, Tax accounting for businesses after the TCJA: Some widely applicable and lesser-known changes, in the AICPA Tax Advisor (June 1, 2019). Their article begins as follows:
The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, made a multitude of changes to the Internal Revenue Code. Although many international tax reform provisions, the Sec. 163(j) business interest expense limitation, and the new Sec. 199A qualified business income deduction garnered much of the attention, businesses and tax practitioners need to be aware of other provisions that may affect their computation of taxable income on 2018 federal income tax returns. This item discusses certain TCJA changes to domestic provisions relevant to tax accounting.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal..