The U.S. federal income tax rates for corporations change over time depending on legislative actions. In December of 2017, Congress passed the Tax Cuts and Jobs Act of 2017 (TCJA), which changed corporate income tax rates beginning in fiscal years ending after December 15, 2018. In an initial post of at least 300 words, address the following:

Identify changes to corporate income tax rates from the TCJA.

Explain the impact these corporate income tax rate changes will have on net operating loss and tax credit carryforwards.

Describe the impact these corporate income tax rate changes will have on the valuation allowance within deferred tax assets.

Discuss the impact these corporate income tax rate changes will have on companies total deferred tax assets and deferred tax liabilities for their first fiscal year ending after December 15, 2018.

Estimate how these TCJA corporate income tax rate changes will impact income tax expense and income taxes payable for companies for their first fiscal year ending after December 15, 2018 versus fiscal year end 2017.