Intuit’s fiscal 2018 started in August 2017 making it subject to rules relating to transaction tax rules issue by the Internal Revenue Service. But the real wrinkle is along with the decrease in the corporate tax rate cam a reduction in 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,” CFO Neil Williams said in a prepared statement.
Intuit: Tax Reform Uncertain Impact
Intuit does not see a clear impact on its tax obligations from the reduction of the corporate tax rate. What it is not anticipating is a significant reduction in the amount of taxes paid as a result of tax reform.
