The new year promises to bring twists and turns to the business tax law landscape. Although it’s still in the early stages and nothing is certain, experts around the industry are advocating for companies to be prepared.
The new year promises to bring twists and turns to the business tax law landscape. Although it’s still in the early stages and nothing is certain, experts around the industry are advocating for companies to be prepared.
Stay on your toes
The Trump administration’s promise to create friendlier business taxes has the stock market flying high, but as of now, nothing has been set in stone. Recently, a U.S. Republican lawmaker told the U.S. Chamber of Commerce that the corporate tax reduction into the 15 to 20 percent range being sought by President Donald Trump will be difficult to pass, according to Reuters.
The lawmaker specifically honed in on the need to pass what’s known as border adjustability. Essentially, for the corporate tax cuts to be passed, the export tariff would have to be erased, while the import tax could see a rise to 20 percent, the source reported. This would have dramatic implications on a number of industries, including automakers and retailers.
A number of other legal bouts are currently being waged, according to CPA Practice Advisor. These include corporate rate reductions and a new tax system where the only income taxed is that which is earned inside the U.S.
“U.S. tax reform is more than just rate reduction, and any plan will likely have winners and losers. Company leaders need to model the impact of various proposals, aggressively engage with legislators and make their voices heard as the process moves ahead,” KPMG’s Jeffrey LeSage told the source.
As nothing is certain just yet, CPAPA recommended all chief tax officers stay tuned in to what’s happening on Capitol Hill so they can be prepared for any change that could come at a moment’s notice.
Ditch the pen and paper
LeSage also urged businesses to bring their tax departments into the digital era with a number of different tools, like platforms to analyze data, automation and even cognitive intelligence.
Not only will the aforementioned changes give your employees the gadgets they need to boost productivity and effectiveness, but they also allow them to be agile within their sector. The new regulations and legal updates approaching will mean compliance changes are ahead. Tax officers should be able to quickly ascertain any potential risk and ensure the business’ taxes are completed without potential liability.
Further to this point, partnering with an agency with years of experience working within the business tax law landscape could turn into a fruitful relationship as companies are likely to have their fair share of questions and concerns moving forward. Spending the money on a tax consultant could potentially save an organization from innumerable fines down the line.
Seek new talent
In line with the aforementioned point, CPAPA reported businesses will need to broaden the type of qualifications they look for in new hires, specifically pertaining to their tax departments. The word of 2017 is “nimble,” according to LeSage, and the skill set employees have in this sector will largely dictate the success of the company.
“Sometimes it’s tough to attract, develop and retain these professionals in tax departments,” LeSage told CPAPA. “Savvy leaders know that investing in rotations, cognitive training and leadership experience will help their people develop the skill sets and knowledge they need for them and their companies to succeed.”
Companies without the financial resources to hire new employees or revamp training to accommodate the changing business tax law landscape should consider turning to an experienced tax professional that can help identify which areas the organization is lacking in, and perhaps provide assistance in a number of different ways. The new year is primed for upheaval in the industry, and employers that are active, diligent and agile will ultimately avoid any unnecessary headaches.
Do you have any questions? Would you like to discuss the matter further? If so, please contact me, Jeffrey Pittard, at 201-806-3364.
How the Updated Law Shapes Retirement and Estate Planning The SECURE 2.0 Act of 2022 materially reshapes the required minimum distribution (RMD) landscape, extending tax deferral opportunities while accelerating distribution requirements for many beneficiaries. For high-net-worth individuals and families, these changes are not merely technical. They require a reassessment of retirement income strategies, beneficiary planning, […]
Buying Commercial Property in New Jersey: Legal Guide for Small Businesses
Small businesses considering buying commercial property in New Jersey must evaluate a range of legal, financial, and operational factors. While ownership can offer long-term value and control, it also introduces significant risks if not properly structured. This guide outlines key considerations to help New Jersey business owners make informed decisions, minimize legal exposure, and successfully […]
The SEC’s Latest Guidance on Applying Federal Securities Laws to Tokenized Securities
On January 28, 2026, staff of the U.S. Securities and Exchange Commission’s Divisions of Corporation Finance, Investment Management, and Trading and Markets issued a joint statement clarifying how existing federal securities laws apply to tokenized securities. The SEC’s “Statement on Tokenized Securities” does not establish new law, but it does provide greater clarity on the […]
Common Legal Mistakes NYC and New Jersey Business Owners Make
Operating a business in the New Jersey and New York City metropolitan region offers incredible opportunities, but it also requires navigating a dense and highly regulated legal environment. From entity formation to regulatory compliance, seemingly minor legal oversights can expose business owners to significant risk. In our work with businesses throughout the region, our attorneys […]
High-profile founder litigation is more than just a media spectacle. For startup founders, these cases underscore the legal and structural risks that can arise when rapid growth outpaces formal oversight. While launching a new company can be both an exciting and deeply rewarding endeavor, founders must be mindful that it also comes with significant risks. […]
Corporate Governance Reviews: A Practical Guide for New Jersey Companies
Every New Jersey company should periodically evaluate its governance framework. Strong corporate governance protects directors and officers, builds investor confidence, reduces litigation exposure, and positions a company for sustainable growth. The first quarter of the year is a great time to evaluate your corporate governance practices and perform any routine maintenance needed to keep that […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
