Page 42 - Tax Reforms - Businesses
P. 42
Repeal of Special Estimated Tax Payments (2/6)
T A Repeal
The new law repealed section 847 for taxable
years beginning after December 31, 2017. Under
section 847, an insurance company that was
TAXES
S X required to discount its reserves could elect to
take an additional deduction equal to the
difference between the amount of unpaid loss
E reserves computed on a discounted basis and the
amount computed on an undiscounted basis.
https://www.irs.gov/newsroom/businesses
https://lentcpa.com
