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Tax Law-Driven Disclosures Take Center Stage

By Randi Morrison posted 01-02-2018 09:31 AM

  
In this instructive new post, Stinson Leonard Street Partner and Society member Steve Quinlivan explains the impact of the new tax law on existing tax assets and liabilities, which is triggering many SEC filing disclosures, and provides numerous examples of tax law-driven disclosures encompassing not only that issue, but also potential forward-looking impacts of the law on the company's operations, financials, executive compensation program (as a result of the elimination of the 162(m) performance-based compensation exception), and otherwise.

Sample disclosures in each of these areas are provided:

  • Risk factors
  • MD&A
  • 8-K (by Item type)
  • Subsequent events (for those filings that have financial statements with periods ending prior to enactment of the new law)
  • Proxy statement/compensation disclosures (including provisions from a new plan)

See also our recent, prior reports: SEC Staff Responds to Call for Tax Reform-Triggered Guidance and Tax Reform: Near-Term Implications & Considerations for Corporates, and additional resources on these topical pages:

- Executive Pay
- Proxy Season 2018
- Tax Reform
- Financial Reporting
- Annual Meeting
- Non-Profits
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