In this week’s episode we are taking a deep dive into current legislative developments, specifically the tax-related changes that may be on the horizon. Rohit Kumar, co-leader of PwC’s Washington National Tax Services practice, joins host Heather Horn to provide his perspective on anticipated developments. Tax leaders are already scenario planning - we break it down so CFOs can do the same.

Topics include:

  • 2:12 - What’s the lay of the land? Rohit takes us through where things currently stand with negotiations in Washington. Heather and Rohit discuss the infrastructure and reconciliation bills as well as the likelihood of these bills getting signed into law before the end of the year.
  • 9:53 - Possible scenarios. Rohit provides a few potential legislative outcomes, touching on the gross spending side of the budget equation as well as revenue raising, such as through changes to the corporate and individual tax rates and credits, among other domestic and international policy alternatives.
  • 34:13 - Where should CFOs focus? Rohit and Heather talk about the policy changes CFOs should be focused on - think corporate rate, OECD agreements, and tax based on book income.
  • 42:43 - Wrap up and timeline. It’s up to Congress now. Rohit expects that we will know in the next month whether politicians will be able to reach an agreement by the end of the year. We close by walking through this timeline.

Want to learn more? 

Rohit Kumar is co-leader of PwC’s Washington National Tax Services practice. In this role, he advises clients on all aspects of domestic policy, including tax policy. His insights and knowledge enable companies to assess critical policy issues more effectively and to develop legislative strategies to address those issues from both a technical and a political perspective.

Heather Horn is a Deputy Chief Accountant in PwC’s National Office and leader of the thought leadership group, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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