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24 July 2025

EY article addresses accounting considerations for key income tax changes in 'One Big Beautiful Bill Act'

In a Technical Line article, EY summarizes key corporate income tax changes in the "One Big Beautiful Bill Act" (the Act), enacted July 4, 2025, and addresses the accounting and financial statement implications of those changes. Accounting considerations addressed in the article include:

  • When to account for the Act's changes
  • Accounting considerations for certain key provisions
  • Valuation allowance considerations
  • Disclosure reminders
  • Internal control considerations
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Attachment

US Budget Reconciliation

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Contact Information

For additional information concerning this Alert, please contact:

Tax Accounting and Risk Advisory Services

International Tax and Transactions Services

State and Local Tax Group

Published by NTD’s Tax Technical Knowledge Services group; Maureen Sanelli, legal editor

Document ID: 2025-1573

 

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