17 February 2020 Tax in transition | Five areas of focus as companies work to implement the TCJA Companies continue to work through challenges stemming from the 2017 tax reform law known as the Tax Cuts and Jobs Act (TCJA), which ushered in new rules, new compliance and reporting obligations, and new risks. The Internal Revenue Service and U.S. Department of the Treasury continue to issue and finalize guidance in key areas, but the rules are complex, and many companies are finding they still have unanswered questions. The TCJA's rules affect various business functions and require greater communication among them. They also have implications for current, future and, in some cases, past tax years. Companies need to be mindful of effective dates, transitions and phase-in rules for different TCJA provisions as outlined in the statute and any Treasury or IRS implementing guidance. They also need to consider potential interactions among different provisions in the law that may have implications for tax planning and compliance. To help with this process, an EY article, attached below, highlights five areas that may continue to pose TCJA implementation challenges for companies. Document ID: 2020-0386 |
