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What are the biggest challenges you have encountered doing tax research in the United States?

What are the biggest challenges you have encountered doing tax research in the United States?

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Answer #1

The biggest challenges in tax research in the United Statesis that the US has a complex array of federal, state and local taxes and the IRS is known for strict enforcement of these rules. Rules for corporates, and individuals, changed earlier this year with the 2018 tax reform. Companies and their advisors are still assessing the new framework and their new obligations. The changes included cutting corporate tax from 35% to 21%, moving toward a territorial system of taxation, lowering the transition tax of 8-15% and putting a limit on interest deductibility of 30% of 12- month earnings. All of these changes are impacting the market but the full impact is still yet to be seen.

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