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How Does the American Recovery and Reinvestment Act of 2009 Affect Your Company’s Accounting for Income Taxes?
Whenever new tax legislation is enacted (federal, state, or foreign), a company needs to evaluate the potential impact that these changes could have on its accounting for income taxes.
The American Recovery and Reinvestment Act of 2009 (“Stimulus Plan”) contains, among other items, changes to bonus depreciation provisions, cancellation of debt income, interest expense rules, and business credits that should all be considered.
Newly enacted legislation could affect a company’s effective tax rate…