Happiness over the passage of the Tax Cuts and Jobs Act -- and expectations that it will fuel business growth -- led to the Accountants Confidence Index recording some of its biggest gains since its inception.

The ACI, published in partnership with ADP, is a monthly economic indicator that leverages the insights of accountants into the strength and prospects of businesses in the U.S. The 3-Month ACI rose to 59.66, well up from the previous month's 56.05, and well above the 50 mark that separates expectations of growth from expectations of contraction. The 6-Month ACI, meanwhile, came in at 61.65, from last month's 57.77.

The index components all made big gains, with expectations for the growth of the overall economy -- usually a laggard -- showing unusual strength.

The ACI is created from a monthly poll of the Accounting Today Executive Research Council, an online community of more than 1,500 tax and accounting professionals.

Daniel Hood

Daniel Hood

Daniel Hood is editor-in-chief of Accounting Today and Tax Pro Today, and has covered the tax and accounting field for over 20 years.