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Because Congress must act to extend a moratorium on the tax, Deborah Gordon says it is important to be prepared for the possibility that it might apply for at least some period of time after the end of this year.
"Changing international tax laws around the digital economy will likely hit many U.S. companies with increased tax costs and compliance burdens,” says KPMG's Jeff LeSage.
Areas of bipartisan agreement could include expired tax provisions, retirement savings incentives, administration of the IRS, and infrastructure-related tax issues.
“There’s a lot at stake for retailers and the states with this case,” says Harley Duncan, leader of the state and local tax group of KPMG’s Washington National Tax practice.
The ambiguity, inconsistencies and possible unintended consequences around certain provisions in the law are already posing challenges for many.
Those that don’t prepare could face significant disruption in today’s changing trade environment.
The Wayfair decision may be as significant as the rewrite of the U.S. federal tax code.
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News & perspectives team
Director, Corporate Communications, KPMG US