After the recent stalemate of the Republican “repeal and replace” health care bill, those inside and outside government are more anxious than ever for the Trump/Ryan leadership team to pass meaningful tax reform. As Washington takes up the mantle of tax reform, Friedman LLP proudly releases a timely series of insights gleaned from a broad-based web survey* of more than 480 business leaders on their reactions to proposed tax changes.
The results of the survey, conducted in early 2017, reveal that business leaders favor a number of tax reform proposals currently under consideration by policymakers, including some major changes to international taxation. However, the business decisions these leaders would make in response to international tax reform raise concern and uncertainty about the ultimate benefit to the U.S. economy. The research also suggests that many business leaders may unknowingly be at risk of penalties and taxes related to complex issues, particularly with regard to independent contractors and state and local taxation.
As a result of the research, Friedman LLP will release a series of analyses over the coming weeks featuring 6 key insights:
Insight 3: Questions loom over the net benefit of international tax proposals.
Insight 4: Companies using independent contractors are at risk for taxes and penalties.
Insight 5: Almost 40% of businesses selling online are not prepared for states’ broader interpretations of economic nexus.
Insight 6: Businesses would likely alter their entity structure and finance models based upon tax changes.
We are certain you will find this series meaningful and insightful. We’re also aware that it will likely prompt questions—that’s where we come in. Simply pick-up the phone and contact the author of the article or your Friedman advisor if you would like to discuss any of the issues touched on this series. Thank you, in advance, for your interest in this far-reaching tax reform series.
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About the Survey
*Friedman LLP conducted the web-based survey in early 2017 among companies across the United States, with a focus on the New York, New Jersey, Pennsylvania, and Connecticut areas. The survey compiles responses from 483 senior leaders of companies across industries including technology/computer services, manufacturing/distribution/wholesale, healthcare, retail, real estate, financial services, architecture/engineering, marketing and advertising, nonprofits, law, and more. The size of the companies surveyed ranged from below $10 million in annual revenue to over $500 million. The respondents include business owners, company presidents, chief executive officers, partners, directors, chief financial officers, controllers, and managing directors.
Friedman’s tax professionals developed the questions for the survey and extrapolated the key insights and commentary that will follow. Data was collected by an independent survey firm. All insights in this series are based upon the specific responses of the business leaders who participated in our survey.