Loren Ponds Comments on Desire for Further Tax Reform Guidance in Tax Notes Today
"GILTI, BEAT Guidance Top Business Concerns in New Survey"
Tax Notes Today
Loren Ponds, a former tax counsel to the House Committee on Ways and Means, commented on tax executives' desire for further tax reform guidance after the passage of the Tax Cuts and Job Act of 2017 (TCJA). Miller & Chevalier's annual Tax Policy Forecast Survey, co-produced with the National Foreign Trade Council, found that many tax executives feel they need further guidance in order to adequately assess the law's complete effect on their businesses, particularly with respect to global intangible low-taxed income (GILTI), the base erosion and anti-abuse tax (BEAT), and the limitation on the deduction of business interest expense. "Our respondents' attention to GILTI and BEAT shows that they're cognizant of the potential impact and are eager for regulatory guidance to address the nuances of the rules and certain perverse interactions that have come to light since TCJA's enactment," Ponds said.