Intuit Assesses the Impact of Corporate Tax Reform
January 08 2018 - 8:30AM
Business Wire
Intuit Inc. (Nasdaq: INTU) is reviewing the latest corporate tax
reform legislation and working through the impact to the company
financials in fiscal 2018 and beyond.
A number of factors determine the impact of the new tax laws to
the company’s GAAP and long-term structural non-GAAP tax rates.
Because Intuit’s fiscal 2018 year started in August 2017, it will
be subject to IRS rules relating to transitional tax rates in
fiscal 2018. Under tax law (Internal Revenue Code Section 15), if
the tax rate changes during a taxable year, the tax rate for the
full year is calculated using the prior and new tax rates on a
proportional basis using the number of days under each tax
rate.
“Tax reform results in fewer corporate deductions. As a result,
beyond the transitional year in fiscal 2018 we expect our GAAP and
long-term structural non-GAAP rate could be closer to or higher
than the new statutory rate,” said Neil Williams, Intuit’s
executive vice president and chief financial officer.
Intuit plans to incorporate the impact of the new tax rates to
guidance when the company reports fiscal second-quarter earnings in
February.
About Intuit
Intuit’s mission is to Power Prosperity Around
the World. Its global products and platforms,
including TurboTax,
QuickBooks, Mint and Turbo, are designed
to empower consumers, self-employed, and small
businesses to improve their financial lives, finding them more
money with the least amount of work, while giving them complete
confidence in their actions and decisions. Intuit’s innovative
ecosystem of financial management solutions serves partners
and 46 million customers worldwide, unleashing the power of
many for the prosperity of one. For the latest news and
in-depth information about Intuit and its
brands, visit Intuit.com and follow
on Facebook.
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version on businesswire.com: http://www.businesswire.com/news/home/20180108005405/en/
InvestorsIntuit Inc.Kim Watkins,
650-944-3324kim_watkins@intuit.comorMediaIntuit Inc.Diane
Carlini, 650-944-6251diane_carlini@intuit.com
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