Exploring Apple’s Effective Tax Rate: A Deep Dive into ASC 740

Insights from ASC 740 Apple’s effective tax rate (ETR) in 2023 was 14.7%. Given that the US corporate tax rate is 21%, and adding in state tax rates pushes the overall US statutory rate to around 27%+, it’s fascinating to see how Apple achieved an ETR that’s almost half the statutory rate. The answer lies […]