Scarinci Hollenbeck, LLC, LLCScarinci Hollenbeck, LLC, LLC

Firm Insights

Hacks For Business Tax Law In 2017

Author: Scarinci Hollenbeck, LLC

Date: February 16, 2017

Key Contacts

Back

The new year promises to bring twists and turns to the business tax law landscape. Although it’s still in the early stages and nothing is certain, experts around the industry are advocating for companies to be prepared.

The new year promises to bring twists and turns to the business tax law landscape. Although it’s still in the early stages and nothing is certain, experts around the industry are advocating for companies to be prepared.

Stay on your toes

The Trump administration’s promise to create friendlier business taxes has the stock market flying high, but as of now, nothing has been set in stone. Recently, a U.S. Republican lawmaker told the U.S. Chamber of Commerce that the corporate tax reduction into the 15 to 20 percent range being sought by President Donald Trump will be difficult to pass, according to Reuters.

The lawmaker specifically honed in on the need to pass what’s known as border adjustability. Essentially, for the corporate tax cuts to be passed, the export tariff would have to be erased, while the import tax could see a rise to 20 percent, the source reported. This would have dramatic implications on a number of industries, including automakers and retailers.

A number of other legal bouts are currently being waged, according to CPA Practice Advisor. These include corporate rate reductions and a new tax system where the only income taxed is that which is earned inside the U.S.

“U.S. tax reform is more than just rate reduction, and any plan will likely have winners and losers. Company leaders need to model the impact of various proposals, aggressively engage with legislators and make their voices heard as the process moves ahead,” KPMG’s Jeffrey LeSage told the source.

As nothing is certain just yet, CPAPA recommended all chief tax officers stay tuned in to what’s happening on Capitol Hill so they can be prepared for any change that could come at a moment’s notice.

Ditch the pen and paper

LeSage also urged businesses to bring their tax departments into the digital era with a number of different tools, like platforms to analyze data, automation and even cognitive intelligence.

Not only will the aforementioned changes give your employees the gadgets they need to boost productivity and effectiveness, but they also allow them to be agile within their sector. The new regulations and legal updates approaching will mean compliance changes are ahead. Tax officers should be able to quickly ascertain any potential risk and ensure the business’ taxes are completed without potential liability.

Further to this point, partnering with an agency with years of experience working within the business tax law landscape could turn into a fruitful relationship as companies are likely to have their fair share of questions and concerns moving forward. Spending the money on a tax consultant could potentially save an organization from innumerable fines down the line.

Seek new talent

In line with the aforementioned point, CPAPA reported businesses will need to broaden the type of qualifications they look for in new hires, specifically pertaining to their tax departments. The word of 2017 is “nimble,” according to LeSage, and the skill set employees have in this sector will largely dictate the success of the company.

“Sometimes it’s tough to attract, develop and retain these professionals in tax departments,” LeSage told CPAPA. “Savvy leaders know that investing in rotations, cognitive training and leadership experience will help their people develop the skill sets and knowledge they need for them and their companies to succeed.”

Companies without the financial resources to hire new employees or revamp training to accommodate the changing business tax law landscape should consider turning to an experienced tax professional that can help identify which areas the organization is lacking in, and perhaps provide assistance in a number of different ways. The new year is primed for upheaval in the industry, and employers that are active, diligent and agile will ultimately avoid any unnecessary headaches.

Do you have any questions? Would you like to discuss the matter further? If so, please contact me, Jeffrey Pittard, at 201-806-3364.

No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.

Scarinci Hollenbeck, LLC, LLC

Related Posts

See all
Corporate Consolidation and Antitrust Issues in Mergers post image

Corporate Consolidation and Antitrust Issues in Mergers

Corporate consolidation involves two or more businesses merging to become a single larger entity. The result is often a stronger and more competitive company that can better navigate today’s competitive marketplace. What Is Corporate Consolidation? Corporate consolidation closely resembles a basic merger transaction. The primary difference is that a consolidation creates an entirely new business […]

Author: Dan Brecher

Link to post with title - "Corporate Consolidation and Antitrust Issues in Mergers"
What is Business Law and Why Is it Important? post image

What is Business Law and Why Is it Important?

Business law plays a critical role in nearly every aspect of running a successful enterprise, from negotiating a commercial lease to drafting employee policies to fulfilling corporate disclosure obligations. Understanding what is business law and your legal obligations can help your business run smoothly and build productive relationships with clients, business partners, regulators, and others. […]

Author: Dan Brecher

Link to post with title - "What is Business Law and Why Is it Important?"
Corporate Transactions: Best Practices for Successful Deals post image

Corporate Transactions: Best Practices for Successful Deals

Corporate transactions can have significant implications for a corporation and its stakeholders. For deals to be successful, companies must act strategically to maximize value and minimize risk. It is also important to fully understand the legal and financial ramifications of corporate transactions, both in the near and long term. Understanding Corporate Transactions The term “corporate […]

Author: Dan Brecher

Link to post with title - "Corporate Transactions: Best Practices for Successful Deals"
How to Conduct a Fair and Legal Employee Termination in 2025 post image

How to Conduct a Fair and Legal Employee Termination in 2025

Ongoing economic uncertainty is forcing many companies to make tough decisions, which includes lowering staff levels. The legal landscape on both the state and federal level also continues to evolve, especially with significant changes to the priorities of the Equal Employment Opportunity Commission (“EEOC”) under the Trump Administration. Terminating an employee is one of the […]

Author: Angela A. Turiano

Link to post with title - "How to Conduct a Fair and Legal Employee Termination in 2025"
Admin Dissolution for Annual Report: What You Need to Know post image

Admin Dissolution for Annual Report: What You Need to Know

While filing annual reports may seem like a nuisance, failing to do so can have significant ramifications. These include fines, reputational harm, and interruption of your business operations. In basic terms, “admin dissolution for annual report” means that a company is dissolved by the government. This happens because it failed to submit its annual report […]

Author: Dan Brecher

Link to post with title - "Admin Dissolution for Annual Report: What You Need to Know"
What Is Antitrust Litigation Law? post image

What Is Antitrust Litigation Law?

Antitrust laws are designed to ensure that businesses compete fairly. There are three federal antitrust laws that businesses must navigate. These include the Sherman Act, the Federal Trade Commission Act, and the Clayton Act. States also have their own antitrust regimes. These may vary from federal regulations. Understanding antitrust litigation helps businesses navigate these complex […]

Author: Robert E. Levy

Link to post with title - "What Is Antitrust Litigation Law?"

No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.

Sign up to get the latest from our attorneys!

Explore What Matters Most to You.

Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.

Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.

Let`s get in touch!

* The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form. By providing a telephone number and submitting this form you are consenting to be contacted by SMS text message. Message & data rates may apply. Message frequency may vary. You can reply STOP to opt-out of further messaging.

Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!