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Cash planning
Transactions and valuations
Lowering U.S. tax rates
Supply-chain
The impacts of the Tax Cuts and Jobs Act are far-reaching, touching some aspect of nearly every company. We have invested significant time to understand the nuances of tax reform and identify opportunities for our clients. Let's discuss how Grant Thornton can help your company realize tax savings through:
Grant Thornton has tax specialists at the ready.
We look forward to talking to you! In the meantime, please click the icon to the right to stay up-to-date on developments in tax reform as they unfold.
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FLOW-THROUGH ENTITY ANALYSIS AND FINANCIAL MONITORING
FINANCIAL STATEMENT IMPLICATIONS
REPATRIATION PLANNING
PLANNING FOR TRANSACTIONS AND RESTRUCTURING
ACCELERATED DEDUCTIONS AND DEFERRING INCOME
GLOBAL TAX PLANNING
CHANGES/UPDATES TO SOFTWARE SYSTEMS
EVALUATING BUSINESS STRUCTURES
CASH PLANNING AND REINVESTMENT ANALYSIS
We help clients monitor (legislative developments and impact), strategize (plan for maximum advantage) and prepare for federal, state and global implications, including, but not limited to:
What to consider
President signs into law H.R. 1, commonly referred to as the "Tax Cuts and Jobs Act"
Law becomes generally effective
Congress extends expired tax provisions and amends Tax Cuts and Jobs Act through Bipartisan Budget Act of 2018 (H.R. 1892)
S corporations and partnerships:
Unextended due date for Form 1120 calendar year tax payers
C corporations:
Unextended due date for Form 1120 calendar year tax payers
S corporations and partnerships:
Extended due date for Form 1120 calendar year taxpayers
Last chance for method changes to accelerate deductions into 2017
C corporations:
Extended due date for Form 1120 calendar year tax payers
Last chance for method changes to accelerate deductions into 2017
Discussions with your tax advisor should start now for changes that need to be made to comply with the law, as well as planning that will allow your business to prosper
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Year-end planning
September 17, 2018
October 15, 2018
March 15, 2018
April 17, 2018
February 9, 2018
January 1, 2018
December 21, 2017
Tax Cuts and Jobs Act
KEY DATES
ASC 740 – the impacts of enacted tax law changes on any deferred tax balances are recorded as discrete items in continuing operations in the period which includes the enactment date
The one-time tax on unrepatriated earnings requires all foreign attributes to be known – this could take months for certain corporations
Capital cost recovery – reclassifying assets to accelerate tax depreciation
Business structuring and compensation planning
Consideration of state tax implications
International implications - these are immense!
What can proactive planning help with?
Starting to plan now means you won't miss out on significant opportunties, such as:
Businesses that are proactive will be better positioned to take full advantage.
Act now to maximize your results and flexibility.
When to act
Significant international provisions, including:
Flat 21% corporate tax rate
Significant expensing and cost recovery provisions
What's new?
General interest limitations based on taxable income
Territorial system and one-time tax on unrepatriated earnings
Global minimum tax on certain foreign income
Corporate alternative minimum tax (AMT) repealed but with net operating loss limitations
Are you ready?
Tax reform is here
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