Pre-Election Tax Considerations For Board Of Directors BDO In The Boardroom podcast

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Pre-Election Tax Considerations for Board of Directors

8d ago 17:17

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Key Takeaways and Tax Planning Points:

To prepare for changes in tax regulations, boards should:

Confer with management to review financial models – e.g., changes in tax rates, deductions, credits, and exclusions.
Stay informed on tax policy changes and reviewing with management to understand realistic scenarios.
Consider the possibility of a divided government scenario, which may result in sluggish legislative activity and short-term extenders for expiring provisions.
Understand the organization's tax risk management policies, focusing on compliance, reporting, and consulting to assess how changes in tax law or procedure could affect the risk profile.
Get regular updates on tax policy changes, especially after the election, to anticipate potential impacts on international and global tax strategies.
Ensure that tax policy aligns with the firm's social policies, particularly in relation to ESG policies and tax credits promoting certain behaviors or investments.
Consult with external tax advisors to stay abreast of tax policy changes and ensure coordination with the organization's internal tax team.

Resources:

2024 BDO Tax Strategist Survey

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