Previously in our course, we noted that accounting practices for financial accounting in the U.S. (the domain of the FASB and the SEC) are often not the same as accounting practices for income tax reporting (the domain of the U.S. Congress and the IRS). These are two separate spheres pursuing different objectives. There is not a single accounting; instead, there are multiple accountings. Corporations typically have more than one set of financial statements, especially corporations that report to various state taxing authorities. A recent change in federal tax law provides a final opportunity to emphasize why it is so important to have a basic understanding of how accounting impacts organizations. For tax years beginning after December 31, 2021, following revisions made to Internal Revenue Code Section 174 as part of the Tax Cuts and Jobs Act, for taxation purposes, companies must capitalize and amortize "research and experimental expenditures." Under the new IRS regulations, the research and experimental costs incurred in the U.S. must be amortized over five years. But if the costs are incurred outside the U.S., they must be amortized over fifteen years. This legislation does not change GAAP as promulgated by the FASB, and from a financial accounting. What are the pros and cons in current  federal tax law.?  How would improve more the federal tax law. Discuss in detail.