Roundtable On Tax Climate Change
A major piece of legislation may be stalled on Capitol Hill, but there’s still substantial change afoot this year when it comes to tax rules. To understand what’s at stake and how individuals and businesses should respond, Crain’s Content Studio brought three tax experts together to offer their takes on today’s hot topics—everything from inflation to the OECD’s global tax initiative, from the consequences of a virtual workforce to the fate of the Build Back Better Act. One point of consensus was clear: It pays to plan carefully.
About the PanelistsJeremy J. Bivens312-729-8091
Jeremy J. Bivens (CPA, MST), is a partner at Baker Tilly and the firm's Chicago office tax leader. He has more than 20 years of experience providing tax and business advisory services to middle-market, large and private equity-owned portfolio companies. A licensed Certified Public Accountant, Bivens has extensive business advisory experience in areas including manufacturing and distribution, food and beverage, professional services companies, software and technology, mergers and acquisitions and overall business development assistance. He earned a master of science in taxation at DePaul University.
Robert A. Clary312-665-2342
Robert A. Clary is a principal in KPMG's Chicago International Tax practice and co-leader of markets for KPMG's International Tax practice in the U.S. He has more than 16 years of experience in providing various tax consulting services, including cross-border tax planning, M&A planning and transfer pricing disputes. Clary has been a frequent speaker at professional organizations including BNA-Bloomberg, Chicago Tax Club and the Practicing Law Institute. He holds a law degree from the University of Miami and a master of laws in taxation degree from New York University.
Jason M. Katz513-345-6218
Jason M. Katz, CFP®, CPA, CEPA, is a wealth advisor and principal at Bartlett Wealth Management, providing strategic income tax planning, estate planning and other wealth planning services to individuals and families. He is a Certified Financial Planner and licensed Certified Public Accountant with more than 17 years of experience in providing comprehensive financial and tax planning services. Katz is passionate about solving complex financial planning issues with optimal solutions and staying on the cutting edge of tax legislation.
Which potential tax changes in 2022 are of most interest to your clients?
Robert A. Clary: Our corporate clients continue to focus on the possibility of higher U.S. Corporate taxes, including higher taxes on income earned through non-U.S. Operations. Our multinational clients are considering potential U.S. Changes alongside changes occurring globally as a result of tax initiatives spearheaded by the OECD. Given the potentially substantial impact of these rules and their complexity, our clients are spending significant time understanding the latest thinking from governments in the U.S. And around the world.
Jeremy J. Bivens: Some changes to the Tax Cuts and Jobs Act, in conjunction with the expiration of taxpayer-favorable provisions within the CARES Act, have led to a lot of questions. The focus has been on the impact to organizations' cash flows. For example, research and experimentation tax deductions are scheduled to change with no subsequent changes in existing legislation. We've also seen considerable interest in pass-through entity state income taxes; the rules require significant planning in order to maximize state tax deductions.