KPMG Shares Insight And Perspective On Business Tax Reform Debate
NEW YORK, Sept. 26, 2012 /PRNewswire/ -- In a Public Policy Alert issued today by KPMG LLP, the U.S. audit, tax and advisory firm provides an extensive summary of the current tax proposals on business tax reform and offers insight and perspective as companies wait for resolution on potential changes to the U.S. tax regime.
The Alert offers a number of "Tax Readiness Considerations" for companies and their boards in advance of any tax reform, and raises important questions around the differences and lack of specificity among the current tax proposals in three broad categories: the corporate rate and base, the taxation of foreign source income, and the interaction of corporate and individual taxes.
"The lack of specificity in the business tax proposals and the practical reality that debate and resolution in the short-term is unlikely does not diminish the need for companies to begin preparing for potential changes to business taxation," said Hank Gutman, KPMG principal and former chief of staff for the U.S. Congress Joint Committee on Taxation. "Those changes may come incrementally or as part of significant overall reform, similar to what happened in 1986."
Regardless of the timeline, the KPMG Public Policy Alert points out that companies can begin to create a readiness framework on tax reform, which can enable them to make better informed business decisions when tax laws change.
About KPMG LLP
KPMG LLP, the audit, tax and advisory firm (www.kpmg.com/us), is the U.S. member firm of KPMG International Cooperative ("KPMG International"). KPMG International's member firms have 145,000 people, including more than 8,000 partners, in 152 countries.
Robert Nihen/Deborah Primiano
SOURCE KPMG LLP
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