Bloomberg Tax today issued Industry-Specific Impact of Tax Reform, a special report that helps tax professionals understand how the recently enacted changes to the tax code may offer opportunities, increase compliance challenges and add complexity for businesses. Major industries highlighted include banking, health insurance, hospitality, manufacturing, financial planning, private equity, real estate, retail and energy. The report is available for download at http://on.bna.com/Upzo30hzVLZ.
While most businesses will benefit from the 21 percent corporate tax rate and the repeal of the corporate alternative minimum tax, they will also have to contend with the repeal of popular write-offs, such as the domestic production activity deduction and the reduced deduction for net operating losses. Each industry will have to navigate specific aspects of the act’s provisions in their ongoing tax planning efforts.
“There is a real sense of urgency for tax professionals to understand the changes made by the act,” said George Farrah, editorial director, Bloomberg Tax. “This report helps them make planning decisions now to take advantage of the positive impacts while minimizing the negative with features such as practitioners’ planning points to call attention to potential hidden effect of the act’s provisions. Industry-Specific Impact of Tax Reform is part of our comprehensive coverage and analysis to help tax professionals navigate the new challenges stemming from the most dramatic overhaul of the tax code in decades.”
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