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pleted and a joint House-Senate report issued December 23. "Now we knew what changes we had to make," recalled Milt Kupfer, partner who has responsibility for overall coordination and direction of H&S tax work. "We had a week to work with the final report while we waited for the President to sign the law. When he did, on December 30, we immediately sent the Tax News to the printer." Easier said than done. The Washington Office, which is in daily contact with the government, necessarily had a key role in getting the word. In a three-day span following passage of the act, ten anxious practice offices had already been on the phone trying to find out in advance the positions the new law would take on such matters as capital gains and bank operations. Monday to Wednesday following Senate passage of the bill was "very hectic," said Clay Chandler, tax partner in the capital. The bill was signed on Tuesday morning and then came the One of the more controversial Christmas gifts of last year was a new Tax Reform Act that tax specialists say is every bit as sweeping in its changes as the reform of 1954—and perhaps even more so. The signing into law of the reform bill, coming as late in the year as it did, imposed a sudden sharp pressure on the Firm's tax specialists to digest the new provisions, to try to foresee the likely interpretations of less clearly defined features, to anticipate the most immediate impact of the act on clients and the Firm, and to explain the whole package to clients and staff alike. It was a frantic end-of-year time for our tax people, a complicated interplay of logistics and coordination that starred the Executive Office and Washington Office tax departments in the role of battle commanders rallying to hold the front. It was a campaign they had trained for since last summer. Formulation of the battle strategy began in August when the House of TAXES Where Planning Ahead Pays Off Representatives passed a bill calling for changes in the nation's tax system. As the bill began to move through Senate hearings, H&S staffers kept close watch. After the Senate Finance Committee reported the bill in early December, work was started on drafting a special issue of the Haskins & Sells Tax News which would be a cogent summary of the new legislation. Jim Ristau and Jack O'Keefe, principals in the Executive Office, did the major work on this report, with help from Frank Carolan, a tax principal in the Philadelphia Office, and Rick McDowell, a Washington Office senior. Congressional discussion of the bill was com-
Taxes: Where planning ahead pays off
Taxation -- United States -- Accounting
Carolan, Francis P.
Kupfer, T. Milton
Chandler, H. Clayton
Hinkle, James H.
Skadden, Donald H.
Haskins & Sells. Executive Office
Haskins & Sells. Washington, D. C. Office
Haskins & Sells. Philadelphia Office
H&S Reports, Vol. 07, (1970 spring), p. 21-23
|Source||Originally published by: Haskins & Sells|
|Rights||Copyright and permission to republish held by: Deloitte|
|Format||PDF page image with corrected OCR scanned at 400 dpi|
|Collection||Deloitte Digital Collection|
|Digital Publisher||University of Mississippi Library. Accounting Collection|