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Bracing for Obama's Impact on Corporate Tax Changes

What cuts will be included in the economic stimulus package and compliance are the top concerns

By Beth Karlin | Updated on January 20, 2009

The inauguration of President Barack Obama today presages a series of changes in tax laws and accounting standards that are weighing heavily on senior financial executives and business groups, and will require an increased focus on risk.Slightly more than half (51%) of the 300 some accountants surveyed by Ajilon Professional Staffing expect the new administration to have a “negative impact on corporate tax policy.”

Financial Executives International (FEI) and other business groups hope to stop that from happening by encouraging Congress to include more tax cuts to the economic stimulus plan, which House leaders promise to present to President Obama by Feb.13. Already squelched by Democrats was a proposed $3,000 tax credit for every worker hired or retained.

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