Deloitte Responds to Passage of the Tax Reform Bill

Deloitte Responds to Passage of the Tax Reform Bill

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SOURCE Deloitte Tax LLP

WASHINGTON, Dec. 20, 2017 /PRNewswire/ -- Steve Kimble, chairman and chief executive officer of Deloitte Tax LLP; and Jon Traub, managing principal of Deloitte's Tax Policy Group, Deloitte Tax LLP, offered the following statements in response to the passage of the tax reform bill by Congress:

As used in this document, "Deloitte" means Deloitte LLP. Please see  www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting. (PRNewsFoto/Deloitte)

"These significant tax changes have the potential to increase U.S. competitiveness, but the real-world impact will depend on how effectively U.S. companies act on the reforms. This is a once-in-a-generation change that will take some time for businesses to fully digest and act upon. Any change of this magnitude carries risks as well as opportunities. Successfully navigating this new tax landscape will require significant engagement at the C-suite level as companies consider how to apply the new provisions and avoid the potential risks that come with major tax changes," said Steve Kimble, chairman and chief executive officer, Deloitte Tax LLP.

"The scope of what Congress was able to achieve cannot be over-emphasized and will have major ramifications. Congress approved tax reform in record time, however we will not see its full impact for some time, as Treasury implements it and companies react to it. With a bill of this size and complexity, there will be unintended consequences that will need to be worked out on both the regulatory and policy levels. The Treasury Department will be very busy in 2018 and beyond, helping provide certainty to taxpayers, soliciting comments and drafting guidance. Companies will have to carefully consider the impact of the law in their own context," added Jon Traub, managing principal, tax policy, Deloitte Tax LLP.

About Deloitte Tax LLP
Deloitte Tax helps clients lead the transformation of the tax function into a strategic partner that supports growth and sustained profitability within an organization. With deep experience across a broad range of services and industries, Deloitte Tax has more than 10,000 trusted advisors who combine their knowledge of tax technical resources and technology to uncover insights and smarter solutions for clients in today's complex global and regulatory environment. For more information visit http://www.deloitte.com/us/tax. Join us on twitter @DeloitteTax.

Contact

Melissa Curtis


Public Relations


Deloitte Services LP


+1 617 437 2156


mecurtis@deloitte.com


As used in this document, "Deloitte" means Deloitte Tax LLP, a subsidiary of Deloitte LLP. Please see http://www.deloitte.com/us/about for a detailed description of our legal structure. Certain services may not be available to attest clients under the rules and regulations of public accounting.

 

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