Many alternate tax proposals are under debate in Washington and in the press. This alert addresses how organizations should be considering ways to proactively prepare for the impact of tax reform.
While consistent in some respects, there are significant differences among the proposals and the lack of specificity raises a number of important questions. Generally, the proposals fall into three broad categories: the corporate rate and base, the taxation of foreign source income, and the interaction of corporate and individual taxes.
This alert analyzes these approaches, outlines a practical framework for tax reform readiness and offers questions that will help companies and their boards prepare for the potential impact of reform on strategic planning.