Building on Tax Reform: 2018 Tax Policy Outlook

The benefits of the U.S. 2017 tax reform act (the Act) should be broadly felt by Americans, and businesses large and small will see tax relief. The Act contains elements important for stronger economic growth—a competitive corporate tax rate and a move toward a territorial system of international taxation. At the same time, the House and Senate tax-writing committees have indicated that there may be a need to consider technical corrections or more substantive changes to the Act. The Treasury Department and the IRS are expected to issue a series of notices and other regulatory guidance on how businesses should implement the Act.