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Tax reform deal will set reporting scramble in motion

Tammy Whitehouse | December 13, 2017

With a tax reform package nearly complete, tax and financial reporting experts are alerting companies to get their tax records in order to prepare for a flurry of year-end transition activity.

The House of Representatives and the Senate are finalizing the reconciliation of their bills, and the provisions are “pretty similar,” says John Gimigliano, a tax principal at KPMG. Early reports suggest the deal landed at a 21-percent corporate tax rate, although the House would have it take effect Jan. 1, 2018, and the Senate was stumping for a Jan. 1, 2019, effective date.

Skeptics may notice a parallel to the lead up to health care reform, when Republicans ultimately could not garner enough votes to put a measure into law. This is different, says Gimigliano. “This is more of a natural issue with Republicans,” he says “They’re more comfortable with tax issues and tax reform. It’s a more natural playing field for Republicans where they feel more confident.”

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