Business Tax Quarterly Executive Summary - Fall 2017

Year-end tax planning is a linchpin of the business strategy of any company, regardless of size or composition. Managing the tax situation allows companies to expand their operations, incentivize their employees, and reward shareholders, among myriad other benefits. In this issue of Business Tax Quarterly, we offer some high-level guidance designed to help consider tax consequences and opportunities in both the U.S. and abroad.

On the domestic side, companies need to be aware of the new revenue recognition rules under ASC 606, which may have a significant impact on their tax accounting. Other important topics to consider at year’s end include state and local tax changes, accounting for year-end bonuses, and tax credits. And of course, the Republican tax reform proposals currently under consideration in Congress will require businesses to make some educated guesses on the best planning approaches.

Tax reform is a highly relevant for multinational corporations, as well, which contend with issues such as repatriation and cross border excise taxes. In addition, multinationals need to consider Foreign Account Tax Compliance Act requirements, as well as a variety of considerations related to transfer pricing concerns, including Base Erosion and Profit Shifting Action 13, country-by-country reporting, master file/local file reporting systems, and required transfer pricing adjustments. Getting a handle on these issues will help get 2018 kicked off to a productive start.

Business Tax Quarterly - Fall 2017

• Business Tax Quarterly Executive Summary - Fall 2017
• Five Key Year-End Tax Considerations
• Four Year-End International Tax Tips for Multinational Companies
• Business Tax Quarterly Suggested Reading