Tax reform efforts, if successful, will have a major impact on virtually every business. There has been a great deal of reporting on the tax reform process and the proposed changes to the US Internal Revenue Code (IRC). This Alert provides a high-level overview of the top 7 tax reform issues that all executives need to know:
- Current status of tax reform
- Tax rate for corporations and partnerships and other pass-through income
- Limitations on interest deductibility
- Immediate deductibility of otherwise capital costs
- Changes to the US international tax system
- State and local tax impacts
- Compensation and benefits provisions