CPAs and their business clients and corporate tax departments need to consider different scenarios for the possible corporate tax reforms now being weighed in Congress.

“The good news is that for taxpayers in the corporate tax space, they have opportunities that are available to them when tax reform is afoot,” said Diane Tinney, director of product management for Bloomberg BNA Software. “From a provision standpoint, they need to understand what could become law and put aside any reserve or release any reserve that they may need based on that tax law, more likely than not coming into effect by the end of the year. The other thing for corporations is that they understand what their levers are, that they could perhaps move quickly this year. Let’s say tax reform doesn’t get completed by the end of this year, but there is enough information around what will change, that certain elections and certain positions should be maximized this year before the tax law changes. Looking at it from both angles is important.”

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