Marc Gerson, Firm Chair and former tax counsel to the House Committee on Ways and Means, commented on the desire of tax executives for additional tax reform guidance. Miller & Chevalier's annual Tax Policy Forecast Survey, co-produced with the National Foreign Trade Council, found that while most executives believe the Tax Cuts and Jobs Act (TCJA) will increase the global competitiveness of U.S. businesses, 74 percent of respondents plan to request regulatory relief or other administrative guidance on TCJA provisions, and 61 percent will seek technical corrections to the law. "For years, respondents told us that one of the main goals of tax reform would be to address the high statutory U.S. tax rate — and last year's legislation did that," Gerson said. "However, our respondents also recognize that administrative guidance, technical corrections, and other mechanisms are needed to provide certainty to taxpayers, and it's unclear in the current regulatory and administrative environment when we'll see this necessary clarification."

Mr. Gerson's comments were also included in the April 23 Tax Notes Today article, "Most Executives Want TCJA Guidance, Survey Says."