Local Business Leaders Learn About New Federal Tax Bill

Scott Thompsett, Tax Managing Director, was one of the presenters from Grant Thornton at the Palisades Institute Forum on the new Federal Tax Bill.

Leaders of local businesses and not-for-profits were briefed on the new Federal Tax Bill during a Palisades Institute forum on March 6, 2018.   A panel of accounting experts from Grant Thornton led the discussion.

The presenters stressed that the tax bill is open to interpretation so businesses need to reach out to their tax advisors.  “Until regulations are written to give us guidance on the law, we have many unanswered questions,” said Jill Grossman, Grant Thornton Managing Director, Tax Reporting and Advisory,

One of the unintended consequences of the new tax law may be a decrease in charitable giving.  Scott Thompsett, Grant Thornton Tax Managing Director, said that’s because many more individuals are expected to take a standard deduction, rather than itemizing deductions. “The Tax Policy Center came out with a projection that they anticipate there will be $14 billion to $16 billion less in charitable giving each year because of these changes in the tax law,” said Thompsett.  He added that some people believe higher net individuals, corporations, and foundations will be more generous to charities under the new bill.

The aim of the Palisades Institute of Dominican College is to encourage leaders in business, government, and not-for-profit agencies to integrate the concepts of leadership, quality, and ethics to achieve long-term success.