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Could companies get relief from tax reform year-end reporting?

Tammy Whitehouse | December 20, 2017

With only procedural steps remaining before the Tax Cuts and Jobs Act becomes law, the public company focus is shifting to when it will occur, and whether companies might get some relief from enormous year-end reporting burdens.

After a late-night Senate session to finalize the Tax Cuts and Jobs Act, Sen Pat Toomey, R-Pa. said the goal of tax reform included to “take what’s arguably been the worst business tax code in the world and turn it into one of the best.” The new tax package for business reduces the top corporate rate to 21 percent and alters the tax structure on U.S. corporate earnings abroad in a way meant to curb the offshoring of U.S. business activity.

That will produce “more investment, more growth, more new business, more expansion of existing business,” said Toomey. “And that means more jobs and more opportunities and a higher stander of living for the people we represent. It’s a...

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