To prepare for potential continuation of and/or changes in tax regulations, boards should be taking a vigilant watch and see approach and monitoring respective timing, effective dates and expiration dates:

• Confer with management to review financial models – e.g., changes in tax rates, deductions, credits, and exclusions.
• Get regular updates on tax policy changes to anticipate potential impacts on international and global tax strategies.
• Weigh the more likely scenario that legislative activity taken may allow more permanent actions to extend expiring provisions under current tax laws.
• Understand the organization's tax risk management policies, focusing on compliance, reporting, and consulting to assess how changes in tax law or procedure could affect the company’s risk profile.
• Consult with external tax advisors to stay abreast of tax policy changes and ensure coordination with the organization's internal tax team.