By Amy E. Ebeling
February 16, 2018
On January 18, 2018, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency released guidance on the accounting implications of the Tax Cuts & Jobs Act (the “Act”) signed into law on December 22, 2017. The guidance provides information on the effect of the Act on deferred tax assets, deferred tax liabilities, valuation allowances, amounts recognized in accumulated other comprehensive income, regulatory capital, and the preparation of regulatory reports. Because the Act was signed into law prior to December 31, 2017, the effects of the Act must be reflected in December 31, 2017 regulatory reports. For more information, follow this link to read the guidance.
The content in the following blog posts is based upon the state of the law at the time of its original publication. As legal developments change quickly, the content in these blog posts may not remain accurate as laws change over time. None of the information contained in these publications is intended as legal advice or opinion relative to specific matters, facts, situations, or issues. You should not act upon the information in these blog posts without discussing your specific situation with legal counsel.
© 2022 Ruder Ware, L.L.S.C. Accurate reproduction with acknowledgment granted. All rights reserved.