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“Why prepare now?”
5 things that smart businesses are doing
TODAY to prepare for tax reform
July 2017
© Grant Thornton LLP. All rights reserved. 2
Important reasons to act NOW
1 The prospect of tax reform creates tremendous new planning opportunities. Many
of these are effective only if done before tax reform is enacted.
2 Many others require significant planning in advance.
3 Tax reform creates significant risks.
4 No company should be making long-term business decisions without
understanding how tax reform could affect the economic impact.
5 Shareholders of public companies expect management to understand how tax
reform could affect the business, and disclose the possible risks.
© Grant Thornton LLP. All rights reserved. 3
Modeling
Smart businesses are already modeling
the impact of the House Republican
and Trump proposals so they can make
good business decisions and
identify planning opportunities.
© Grant Thornton LLP. All rights reserved. 4
Accelerating deductions
The prospect of rate cuts creates a big planning
opportunity. You want to accelerate deductions so
you can take them now against today’s higher
rates, rather than in the future when rates might be
lower. You can often control the timing of many types
of expenses, including compensation, bonus pools,
and benefit payments.
© Grant Thornton LLP. All rights reserved. 5
Reviewing accounting methods
The prospect of a rate can turn a timing change into a
permanent benefit. Smart businesses are reviewing their
accounting methods for common opportunities to defer
income and accelerate deductions. There are more than
150 accounting method changes that be made automatically,
and scores more that can be made after IRS approval,
including:
• Deferring recognition on advanced payments or disputed
income
• Accelerating deductions for computer software, self-insured
medical expenses, property taxes, payroll taxes, prepaid
expenses, and rebates
© Grant Thornton LLP. All rights reserved. 6
Calculating foreign earnings
The top reform plans all propose a one-time tax on all
unrepatriated earnings as part of a transition to a
territorial tax system. Nimble multinationals are
already assessing their foreign earnings and tax
credits to gauge the tax cost of repatriating various
pools of earnings under current law.
That way, once the final legislative outcome becomes
clear, if necessary, they can act quickly before the
one-time tax is effective.
© Grant Thornton LLP. All rights reserved. 7
Discussing risk on their
financial statements
Shareholders of public companies expect
management to understand, plan for, and
disclose risks. Businesses with SEC
disclosure requirements should consider
whether to include a discussion of the potential
impact of tax reform in the Management
Disclosure and Analysis.
© Grant Thornton LLP. All rights reserved. 8
We know Washington.
We know business.
Together, it’s a powerful combination.
Grant Thornton LLP and Bloomberg BNA are launching a new program series —
Future Ready Business: Washington Impact —to help you understand and prepare
for sweeping tax- and regulatory-policy changes. Sign up now to receive regular
updates to help your business manage the change coming from Washington.
#FutureReadyBiz
gt.com/washingtonimpact
© Grant Thornton LLP. All rights reserved. 9
Learn more
Register for upcoming webcasts
grantthornton.com/events
Learn about our tax services
grantthornton.com/services/tax-services
“Grant Thornton” refers to Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd (GTIL), and/or refers to the brand under which the
GTIL member firms provide audit, tax and advisory services to their clients, as the context requires. GTIL and each of its member firms are separate legal
entities and are not a worldwide partnership. GTIL does not provide services to clients. Services are delivered by the member firms in their respective countries.
GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. In the United States, visit
grantthornton.com for details.
© 2017 Grant Thornton LLP. All rights reserved. U.S. member firm of Grant Thornton International Ltd.
Tax professional standards statement
This Grant Thornton LLP presentation is not a comprehensive analysis of the subject matters
covered and may include proposed guidance that is subject to change before it is issued in
final form. All relevant facts and circumstances, including the pertinent authoritative literature,
need to be considered to arrive at conclusions that comply with matters addressed in this
presentation. The views and interpretations expressed in the presentation are those of the
presenters and the presentation is not intended to provide accounting or other advice or
guidance with respect to the matters covered.
For additional information on matters covered in this presentation, contact your Grant Thornton,
LLP adviser.
© Grant Thornton LLP. All rights reserved. 11
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Why prepare now? 5 things that smart businesses are doing TODAY to prepare for tax reform

  • 1. “Why prepare now?” 5 things that smart businesses are doing TODAY to prepare for tax reform July 2017
  • 2. © Grant Thornton LLP. All rights reserved. 2 Important reasons to act NOW 1 The prospect of tax reform creates tremendous new planning opportunities. Many of these are effective only if done before tax reform is enacted. 2 Many others require significant planning in advance. 3 Tax reform creates significant risks. 4 No company should be making long-term business decisions without understanding how tax reform could affect the economic impact. 5 Shareholders of public companies expect management to understand how tax reform could affect the business, and disclose the possible risks.
  • 3. © Grant Thornton LLP. All rights reserved. 3 Modeling Smart businesses are already modeling the impact of the House Republican and Trump proposals so they can make good business decisions and identify planning opportunities.
  • 4. © Grant Thornton LLP. All rights reserved. 4 Accelerating deductions The prospect of rate cuts creates a big planning opportunity. You want to accelerate deductions so you can take them now against today’s higher rates, rather than in the future when rates might be lower. You can often control the timing of many types of expenses, including compensation, bonus pools, and benefit payments.
  • 5. © Grant Thornton LLP. All rights reserved. 5 Reviewing accounting methods The prospect of a rate can turn a timing change into a permanent benefit. Smart businesses are reviewing their accounting methods for common opportunities to defer income and accelerate deductions. There are more than 150 accounting method changes that be made automatically, and scores more that can be made after IRS approval, including: • Deferring recognition on advanced payments or disputed income • Accelerating deductions for computer software, self-insured medical expenses, property taxes, payroll taxes, prepaid expenses, and rebates
  • 6. © Grant Thornton LLP. All rights reserved. 6 Calculating foreign earnings The top reform plans all propose a one-time tax on all unrepatriated earnings as part of a transition to a territorial tax system. Nimble multinationals are already assessing their foreign earnings and tax credits to gauge the tax cost of repatriating various pools of earnings under current law. That way, once the final legislative outcome becomes clear, if necessary, they can act quickly before the one-time tax is effective.
  • 7. © Grant Thornton LLP. All rights reserved. 7 Discussing risk on their financial statements Shareholders of public companies expect management to understand, plan for, and disclose risks. Businesses with SEC disclosure requirements should consider whether to include a discussion of the potential impact of tax reform in the Management Disclosure and Analysis.
  • 8. © Grant Thornton LLP. All rights reserved. 8 We know Washington. We know business. Together, it’s a powerful combination. Grant Thornton LLP and Bloomberg BNA are launching a new program series — Future Ready Business: Washington Impact —to help you understand and prepare for sweeping tax- and regulatory-policy changes. Sign up now to receive regular updates to help your business manage the change coming from Washington. #FutureReadyBiz gt.com/washingtonimpact
  • 9. © Grant Thornton LLP. All rights reserved. 9 Learn more Register for upcoming webcasts grantthornton.com/events Learn about our tax services grantthornton.com/services/tax-services
  • 10. “Grant Thornton” refers to Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd (GTIL), and/or refers to the brand under which the GTIL member firms provide audit, tax and advisory services to their clients, as the context requires. GTIL and each of its member firms are separate legal entities and are not a worldwide partnership. GTIL does not provide services to clients. Services are delivered by the member firms in their respective countries. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. In the United States, visit grantthornton.com for details. © 2017 Grant Thornton LLP. All rights reserved. U.S. member firm of Grant Thornton International Ltd. Tax professional standards statement This Grant Thornton LLP presentation is not a comprehensive analysis of the subject matters covered and may include proposed guidance that is subject to change before it is issued in final form. All relevant facts and circumstances, including the pertinent authoritative literature, need to be considered to arrive at conclusions that comply with matters addressed in this presentation. The views and interpretations expressed in the presentation are those of the presenters and the presentation is not intended to provide accounting or other advice or guidance with respect to the matters covered. For additional information on matters covered in this presentation, contact your Grant Thornton, LLP adviser.
  • 11. © Grant Thornton LLP. All rights reserved. 11 Tell us what you think about this content. Take a quick survey. We want your opinion!