With the passing of the Tax Cuts and Jobs Act (TCJA), tax professionals and businesses are beginning to absorb the massive changes and find some key twists in the new tax reform laws. The following information on these twists will help you navigate the new terrain.
The Tax Cuts and Jobs Act (TCJA) tax reform and transfer pricing questions have become hot topics. However, as publications such as Tax Notes have observed, there is no single simple answer that applies across the board and fits all companies. While companies based in the U.S. are cheering on the new 21 percent corporate tax rate (a substantial relief from the 35 percent rate), local businesses may not have a firm grasp on how changes to transfer pricing could affect theme. (Keep in mind: these changes will affect 2018 corporate tax return filings, but not 2017.) A guiding principle that should be remembered: the effects of changes to transfer pricing guidelines will not impact every small business the same way. The effects must be considered on a case-by-case basis with each client. There are layers of factors that must be considered at the same time when attempting to model these transfer pricing issues.
The role of Business Intelligence (BI) in your client’s company can be so pervasive and transformative that in many cases it can save their business. The basic spirit behind BI is what some call “data surfacing”—the process of taking large amounts of raw data and turning into meaningful, strategic information that the business can act upon immediately.
Here are three big ways that BI could potentially save your client’s business:
The new lease accounting standards will require some extra time and work for many companies as they race to satisfy the new requirements.
In these new rules, two leases (finance and operating) will be required on the balance sheets.