The end of 2017 brought a slew of changes to our tax code. In December, Congress passed a package of reforms that overhauled much of the U.S. tax code for individuals and corporations. Many of these changes were enacted in January, leaving businesses wondering how the updated tax code will impact their operations.
On February 7, CompTIA partnered with Grant Thornton to host a webcast on the new law and the new corporate tax landscape that has been created. The presentation covered an array of issues, including what the new repatriation law means for multinational companies, expensing options for businesses, how the research and development tax credit can be leveraged, and even what the new code means for managed services providers.
In its haste to get tax reform completed before the end of 2017, Congress left many of the new law’s details intentionally vague to allow for the Treasury Department to clarify them through the regulatory process.
For perspective, it took more than two years for Congress and the Treasury Department to finalize the last major tax overhaul in the late ‘80s. So, while some kinks still need to be worked out, businesses should move fast to learn what the law means for their operations and begin their tax planning. The technology industry is the backbone of the American economy, and the new law should help stimulate innovation and growth in it.
Geoff Lane is CompTIA’s director of government affairs.