Taxes

Corporate Income Tax Rate Changes
In an initial post address the following: (300 words)

Identify changes to corporate income tax rates from the TCJA.

Explain the impact these corporate income tax rate changes will have on net operating loss and tax credit carryforwards.

Describe the impact these corporate income tax rate changes will have on the valuation allowance within deferred tax assets.

Discuss the impact these corporate income tax rate changes will have on companies’ total deferred tax assets and deferred tax liabilities for their first fiscal year ending after December 15, 2018.

Estimate how these TCJA corporate income tax rate changes will impact income tax expense and income taxes payable for companies for their first fiscal year ending after December 15, 2018 versus fiscal year end 2017
Please provide a reference

Effective Income Tax Rates
In an initial post address the following: (300 words)
Identify the effective income tax rate disclosed by the company you chose in each of its last three fiscal years, and compare that to the IRS corporate income tax rates for those years.
Identify at least two items that contribute to the difference between the effective income tax rate and the IRS corporate income tax rate for your chosen company, and explain if these two items increase or decrease the effective income tax rate versus the IRS corporate income tax rate (e.g., depreciation methods, tax loss carry forward, differences in recognition of revenue or expenses, etc.).

Discuss how these two items have impacted the company’s financial statements in terms of deferred tax assets and deferred tax liabilities over the last three years.

Calculate how the difference between income taxes payable and income tax expense have impacted your chosen company’s cash flow in each of the last three fiscal years.

Please provide a reference