KPMG LLP, the audit, tax and advisory firm, offered the following perspective in response to today's release by the U.S. Congress of an approved tax reform bill:
“With this evening’s release of an approved bill from tax reform conference committee, the rewrite of the U.S. tax code moves one step closer to reality,” said John Gimigliano, Partner-in-Charge of Federal Tax Legislative and Regulatory Services at KPMG. “Congressional Republicans have successfully cleared every legislative and procedural hurdle to date, and there’s no reason to expect that the final votes next week by the House and Senate will hold them back from delivering something to the President very soon.”
“Companies will have to move quickly to incorporate the vast changes in the tax code into their fourth quarter and year-end financial statements,” said Jeffrey C. LeSage, Americas Vice Chairman – Tax, at KPMG.
KPMG LLP, the audit, tax and advisory firm (www.kpmg.com/us), is the independent U.S. member firm of KPMG International Cooperative (“KPMG International”). KPMG International’s independent member firms have 189,000 professionals, including more than 9,000 partners, in 152 countries.