Changes in Blended Corporate Federal Income Tax
Changes in Blended Corporate Federal Income Tax
Following changes have come into effect in the Blended Corporate Federal Income Tax
As per the Tax Cuts and Jobs Act, a corporation with a fiscal year that includes Jan. 1, 2018, will pay federal income tax using a blended tax rate and not the flat 21 percent tax rate under the Act that would generally apply to taxable years beginning after Dec. 31, 2017. Many U.S. corporations elect to use a fiscal year end and not a calendar year end for federal income tax reporting purposes…….
