Tax reform will have extensive impact on the business climate in the near and long term, with companies focused on navigating many changes and nuances, in addition to new risk and compliance challenges.

Brian Newman, tax partner at CohnReznick, and Joy Matak, tax director at CohnReznick, recently sat down with Inside Counsel to discuss the seismic shift of the landscape and specific tax reform developments. He shared changes related to the tax landscape, including the impact on trusts and estates, state and local tax, international tax, the not-for-profit area and changes related to executive compensation.

The reduction of tax rates for corporations and individuals should have a positive impact on the economy for the foreseeable future, according to Newman. With a significantly lower corporate tax rate, businesses will be prone to reinvest in infrastructure, hire more employees and increase their dividends to shareholders. A larger workforce armed with more disposable income means more spending–and for any company selling product, spending is the key ingredient in fueling growth.