What you need to know about tax reform

Finance Committee approves tax reform bill 

The Senate Finance Committee on November 16 approved by a vote of 14 to 12 a Senate version of tax reform legislation. The Finance Committee action comes after the House of Representatives on November 16 voted 227 to 205 to pass the ‘Tax Cuts and Jobs Act’ (HR 1). The tax reform proposals approved by the Finance Committee differ in key aspects from the House-passed bill.  

The  Senate is expected to consider floor amendments to the Finance Committee-approved tax reform bill during the week of November 27, following Congress’s Thanksgiving holiday recess week. Once the Senate has approved its tax reform bill, the two chambers must reconcile differences between the two bills and then vote to pass a final bill in identical form before tax reform legislation can be signed into law by President Trump.  

Click below for a summary of key business and individual tax reform provisions that were approved by the Senate Finance Committee

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Agile strategies in a time of uncertainty

Policy priorities are constantly shifting. Don’t be left behind. Be prepared by being proactive about the evolving global tax environment and its impact on your company.

A shifting tax environment, both domestically and globally, presents different challenges and opportunities for particular individuals and companies. Are you ready?

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What is your plan?

Modeling tax reform impact

What can a business do today to evaluate how the tax landscape will change? Modeling can make possible planning that can help companies prepare for different outcomes during the legislative process.

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Stay connected during this time of uncertainty

Stakeholders from the C-suite, finance, corporate development, and the audit committee should assess, on a real-time basis, the changes to the US tax system as they are developed and debated in Congress. Subscribing to PwC’s Inside Tax Policy can help you cut through the DC rhetoric for the inside story.

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Reconsider your approach for international tax rules

Global markets, new business models, ever-changing operating and regulatory environments, competition, liquidity concerns, the impact of culture, and the pace of change have made the efficient management of a business on a global scale more complex than ever.

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Your cash flow opportunities exist now, don’t wait until after tax reform

Consider options to accelerate deductions and defer income to improve cash flow. At the same time, position your company to seize a one-time permanent tax benefit in anticipation of the proposed tax rate reduction associated with comprehensive tax reform.

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What it means for State Tax

A diverse and wide-ranging number of state tax implications will arise simply as a result of how/whether states conform to the federal Internal Revenue Code provisions. There are a number of critical elements that have the potential to significantly affect state tax and financial statements starting in 2017. 

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Pam Olson
US Deputy Tax Leader & Washington National Tax Services Leader
Tel: +1 (202) 414 1401
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Rohit Kumar
Principal and Leader, WNTS Tax Policy Services
Tel: +1 (202) 414 1421
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