In a recent article published in Accounting Today, James Pickett and James Parks provide insight on how businesses of all sizes are looking for guidance following the major changes to the Tax Cuts and Jobs Act. Pickett and Parks explain the reason for the most significant tax legislation in 30 years. “Shortly after taking office last January, the Trump administration set in motion a process requiring the Treasury to identify and reduce tax regulatory burdens. The Treasury has responded by proposing the removal of hundreds of burdensome or obsolete regulations.”
The article addresses five important reform changes businesses should be familiar with, including the “global intangible low-taxed income,” (GILTI), Section 162(m), transition taxes, Section 163 (j) and Conformity laws. “Under the requirement to remove two old regulations for every new one, the Treasury now can issue regulations to answer the many questions and provide the clarity that corporations will need as they plan for and comply with the provisions of the most significant tax legislation in the last 30 years.” For the full article, visit the Accounting Today website here.