Rocco Femia was quoted regarding companies' international tax planning strategies in light of the potential for US tax reform. Many taxpayers are taking cautious approaches to discretionary tax planning, as tax reform looks increasingly likely. For example, in the context of transfers of intangible property, taxpayers are evaluating the cost of such transfers against the likely benefits in an uncertain environment. "If that transfer of IP carries with it an up-front US tax cost, or other up-front cost, but the planning assumes that the cost will be offset by a benefit in the future—three, five, 10 years down the line—then one should think twice about that kind of planning, because you might end up getting stuck with the up-front cost, and never realize the offsetting benefit," Femia said.