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Tax code becoming a greater concern for American businesses

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Financial and economic concerns have led chief financial officers to voice their distrust in the current tax code, which some say hinder American business. Recent research from global professional services firm Alvarez & Marsal Taxand found 92 percent of respondents think about how taxes can influence their global business decisions.   

"For companies to plan, to invest, to create jobs and to grow, they must have certainty," said Robert Lowe, chief executive officer of A&M Taxand. "In fact, confidence in knowing precisely what the tax code will require has become more important than how much it will cost them.

The unsteadiness in the tax code is making it difficult for businesses in the United States to forge ahead in their financial plans. According to financial executives from businesses of all sizes, a tax rate between 20-25 percent would make the U.S. federal corporate rate competitive with global tax rates.

Don Roveto, managing director at A&M Taxand, said changing tax rates may alter how businesses plan to retain current customers and bring in new ones

With tax rates in flux, it is becoming increasingly important for businesses to invest in business insurance policies to protect them from tax-related issues, and to provide peace of mind should they face unexpected costs in an uncertain regulatory environment.

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