Banks and financial institutions are preparing for considerable one time charges as new tax laws take effect..Goldman Sachs Group Inc. said the U.S. tax reform will cut profit this year by about $ billion, mainly because of a tax targeting earnings held abroad. About two thirds of the hit comes from the repatriation tax, while writing down U.S. deferred tax assets also contributed, the company said in a filing on Friday..Goldman Sachs Feels Tax Bill s Burn With $B Charge..The banking giant said it will also have to write down the value of tax credits it had been saving up. Goldman plans to use the credits in the future to lower its tax bill, but they ll be worth much less when the new rules take effect next year. President Trump signed the tax reform bill into law last week with the .
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