Changes to the U.S. tax code are in motion. Charles Maniace, the director of regulatory analysis at Sovos, says companies need to be strategic in how they adopt the changes.
"You have to adopt a solution that not only meets your requirements today but is forward-looking and meets those requirements that may not even be conceived of today but could happen in the future," said Maniace.
As this story was being edited, President Trump rushed to sign the Tax Cuts and Jobs Act into law on Friday, Dec. 22 because of criticism from television networks that he might not move quickly enough to sign the legislation before Christmas.
Sovos is a solution provider that provides regulatory compliance support to companies like Oracle and Salesforce. Those Sovos partners can then offer intelligent cloud compliance to clients through which they can manage regulatory burdens as they happen around the world.
"Most of our clients, their main concern is growing their business," said Maniace. "They want to do so without having to stop and pause and say, am I still going to be able to maintain my regulatory compliance. And, the fact is that if you're doing it alone, the answer is no."
The Tax Cuts and Jobs Act will go into effect in January. It cuts an estimated $1.5 trillion in overall tax collections by the government and slashes the corporate tax rate from 35 to 21 percent.