Deloitte Responds to Passage of the Tax Reform Bill

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:

"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.

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