Complexity of TCJA is Good News for CPA Firms

By:
Chris Gaetano
Published Date:
Feb 7, 2019
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Despite first being touted as a simplification of the tax code, the Tax Cuts and Jobs Act (TCJA) has raised many new questions that often require a CPA's expertise to answer; this, the Wall Street Journal said, has been good news for accounting firms. The year after the law was passed saw the second strongest job growth for the industry in this economic cycle, 3.6 percent, as firms hired new professionals to keep up with increased demand. Deloitte, for instance, reported a 10 percent increase in positions, while KPMG said it has hired twice as many experienced tax practitioners last year than the one before. In particular, there has been an increased demand for international tax experts, considering the creation of new forms of tax, such as the GILTI [global intangible low-taxed income] tax and the BEAT [base erosion and anti-abuse tax]. On the domestic side, the 20 percent pass-through deduction has also received a great deal of attention, as even with the issuance of guidance, many questions remain about just who qualifies and how. 

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