The time is now for both public and private companies to take advantage of the opportunities provided by the extensive tax reform in 2017 from the Tax Cuts and Jobs Act (TCJA), according to Grant Thornton.
The Act revolutionized tax planning for public businesses, and the provisions for private businesses required significant subsequent interpretations from the Internal Revenue Service. The IRS has now made clarifying guidance for interpreting the TCJA available for most of the new rules. Companies need to understand and use this guidance now to create new tax planning strategies that can yield significant tax savings.
