KPMG LLP, the audit, tax and advisory firm, offered the following perspective on today's passage by the U.S. Congress of the first major tax reform legislation since 1986:
“This is day one of a new era for American companies and individuals, as a tax reform package that will likely be transformative for many moves another step closer to becoming law,” said Jeffery C. LeSage, Americas Vice Chairman – Tax, KPMG. “Over the coming months and years, business leaders will have to effectively balance the challenges and opportunities before them, especially as they adapt, and perhaps redefine, their organizations in response to this sweeping change.”
“After the dust settles and Congressional Republicans celebrate their hard-won victory, their attention will likely soon turn to the inevitable legislative work of fine-tuning and perfecting the new tax framework,” said John Gimigliano, Partner-in-Charge of Federal Tax Legislative and Regulatory Services, KPMG. “As we’ve seen with other major tax legislation, it can often take years to issue all the regulations and revisions related to a bill, and there’s no reason to think this one will be any different.”
KPMG LLP, the audit, tax and advisory firm (www.kpmg.com/us), is the independent U.S. member firm of KPMG International Cooperative (“KPMG International”). KPMG International’s independent member firms have 189,000 professionals, including more than 9,000 partners, in 152 countries.