Business Expert, CFO

 The CFOs 2021: A Look Into What Predictions Are On The Horizon – Gary McGaghey

Gary found that CFOs need to plan better for retirement and account for new inflation rates. He also found that the TCJA has increased taxes for some businesses and lowered them for others. Mr. McGaghey is excited to see what happens as time goes on and it becomes clearer how this legislation will affect business tax affairs in the coming years.

See more information here

Executive Orders and Agency Rulemaking

CFOs in every sector are quickly adopting a learning culture, and are tasked with capitalizing on the opportunity afforded by the rapidly evolving regulatory environment. This new learning takes many forms, but typically involves assessing current and future regulatory obligations for all legal entities. Businesses should understand and plan for the potential impact of new fiscal or tax initiatives that may be on the horizon.

CFOs should consider how they can partner with their tax leaders to further understand tax impacts for legal entities, with a focus on regulatory complexities and the likelihood of congressional action. Along with developing our growth strategies, we also actively pursue strategies that reduce our cost structure. One way we do this is through efforts such as building our treasury function into our business, and we regularly conduct lean activities in our operating business to reduce overhead costs.

The Future of Tax Policy

For more on Federal tax reform efforts and the Republican congress, check out our new online-only special report, “Tax Reform on the House.” CTAs have certainly spent the last nine months learning about how the TCJA will impact business tax affairs. Businesses are cautiously optimistic about a simpler, less complex tax code and the increased deduction, interest deductibility, and 20 percent deduction of business interest expense. However, there are several elements of the TCJA that could complicate tax-and-benefit decisions for business taxpayers, and tax advisors may be too focused on some of the positive aspects.

Gary is the creator of CFOs in 2021?, an online resource for business owners and entrepreneurs looking to learn more about tax law changes that will impact their business. His company provides training services for small businesses who want to better understand how they can prepare for new tax rules. And with his help, he’s made it possible for them to take care of their future tax obligations before they arrive rather than scrambling when they do.