11/03/17 Today, at Withum Smith & Brown’s 2017 Global Summit in NYC, we heard about political and policy influences on the ever-changing global environment. Of course, because the US House passed a tax reform bill yesterday, we heard some perspectives on overall tax changes. Corporations will realize about 2/3 of the benefits if the law gets passed as released. As usual with any tax reform, there will be winners and losers. The proposed law will incentify equity investments in corporations with dis-incentives for debt financing (interest expense limitations).   The trend most talked about was ever increasing compliance. All governments are demanding more information, then sharing it with other governments while putting restrictions on corporations for the same information. For example, Germany and other European countries are requiring in 2018 that businesses maintain information on customers in the country where the customer lives. There is also substantial sharing of tax-data among countries, all to increase tax collections.   How about, repatriation included in the new House bill. There will be a one-time deemed repatriation of the Earnings and Profits (E&P) of a foreign subsidiary. Deemed means they will charge the tax regardless of whether the money comes back to the US. So, the effect on economic growth will not be as beneficial as originally proposed but the repatriation will increase tax collections in the short term.   The final message– all taxpayers, individual and corporate, should consider measures to accelerate deductions and push income into later years. Of course, all could change when the Senate releases their plan next week. Stay tuned.