President Donald Trump has signed a tax overhaul and companies are rejoicing. But the most immediate effect of the new law could be a one-time accounting headache.
Hours after the bill signing, announcements started to roll in from some of the world's biggest companies—with some spectacular numbers. While the bill benefits most companies through a lower rate, it also requires them to recalculate some of the tax positions they may have been holding on their books for years.
Biotechnology company Amgen said it would take a $6 billion to $6.5 billion charge. Bank of America plans to take a $3 billion hit, and Credit Suisse Group will take a write-down of 2.3 billion Swiss francs ($2.32 billion).
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