The tax bill currently making its way to the President’s desk contains no shortage of complicated details. At roughly 500 pages, the bill contains hundreds of changes to the U.S. tax code, re-configuring everything from individual income tax brackets to the individual mandate requiring every American to carry health insurance. But the real star of the show is corporate tax.
President Trump campaigned vigorously on a plan to cut the corporate tax rate from its current 35% to 15%, and the Congressional bill gets pretty close to that goal by bringing the corporate tax rate down to 21%. It also contains special provisions that let U.S. companies repatriate their foreign earnings back into the U.S. It can start to cause harm to tissues causing ED or disfigurement of viagra 25 mg http://davidfraymusic.com/project/gramophone-names-fantaisie-a-may-editors-choice/ the organ. Kamagra soft tablets: This form contains 100mg sildenafil citrate to levitra 10 mg cure impotence. Furthermore, there are side effects of some manifestation of levitra online order sexual brokenness. The Bushmen, who live off the land, would cut off part of the hoodia stem and davidfraymusic.com get viagra australia eat it an hour before the love making session. at a reduced tax rate. Accordingly, the corporate tax is one of the few areas of the proposed tax reform that left and right agree would produce benefits for big businesses.
Now that both House and the Senate have reached a final deal on the tax bill, some significant changes to the tax code should be imminent.
But sweeping changes like this do not happen overnight, and the task of actually implementing these tax reforms within the tax function of a major multinational corporation is a mammoth undertaking that will affect everything from earnings forecasting to capital expenditures to global trade strategy.
So how do the tax professionals at those big businesses feel about the plan and what are they doing now to prepare? I recently had the opportunity to find out at our annual customer conference, where I asked the gathered group of 1,700+ tax and tax technology professionals that are responsible for corporate taxes and trust taxes what they thought about the U.S. tax reform plan and how it was already impacting their business planning. Appropriately enough, the conference took place just after the House plan had been introduced and as the Senate plan was about to be unveiled, so the group was in the throes of digesting how the reforms might impact their companies.
Even though they still don’t know what the final tax bill will look like, the majority of tax pros (70%) are already taking steps to prepare for the change. Among them, 13.9% are modeling the impact of the reforms on their companies, 5.1% are explaining the nuances of the different proposals to their executive leadership and boards of directors, 0.8% are lobbying policymakers, and 49.7% are engaged in some combination of these. That still leaves, 30%, however, who are taking a wait-and-see approach.
To get some further insight on these findings, I spoke with Nathan Andrews, a partner with Deloitte Tax LLP and national Practice leader for Deloitte’s Tax Management Consulting practice, who attended the event and has been having many of these types of conversations with his clients.