Ernst & Young LLP comments on tax reform bill

WASHINGTON, Dec. 15, 2017 /PRNewswire/ -- Michael Mundaca, Ernst & Young LLP's National Tax Department Co-Director and former Assistant Secretary for Tax Policy at the US Treasury Department, commented on tax reform legislation:

"Republican conferees' agreement on a final tax bill paves the way for enactment by year end with significant changes to the way businesses and individuals are taxed. With the rapidly approaching effective dates of many new provisions, there is a short window to seize the chance to prepare and understand these new provisions. We recommend that all taxpayers take action now to understand the impact of the legislation on their tax liability, and businesses to consider the financial statement implications as well as necessary changes to their business operations."

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