The work of CFOs involves preparing their companies to deal with future uncertainties that come with tax policy change. Gary McGaghey, the CFO at Williams Lea Tag, explains that CFOs are in a difficult position as they plan for the last quarter of 2021. The CFOs need to help their companies navigate the uncertain timelines brought by Washington, while developing competing policy, and working within the regulatory guidelines.
The successful CFOs have to collaborate closely with team leaders and anticipate activities that may act as a catalyst for future growth, something Gary McGaghey understands too well in his career as a private equities expert. McGaghey is an experienced CFO with a successful transformation track record, dating back to 2011 when working for Robertsons Foods Group and Unilever South Africa. Now working as the CFO at Williams Lea Tag, McGaghey understands the impact budget reconciliation bills in Congress will have on companies.
Despite the administration’s regulatory and policy risks the CFOs have to worry about, Gary McGaghey says other issues like third-party disruption, brand damage and cyber security are equally pressing for financial experts. CFOs face tough times helping businesses to plan for disturbances, including likely changes to tax policy, uncertainty around global tax, and expiring Tax Cuts and Jobs Act. Successful CFOs have to anticipate and leverage the changes and establish mitigating activities to navigate the challenges effectively.
In anticipating the impact of possible tax proposals enactment by the Biden administration, CFOs are prioritizing tax scenario planning. Most CFOs are allocating more resources into planning and creating partnerships with tax experts to help them understand the situation. Gary McGaghey further advises CFOs to look at other possibilities that might trigger policy shifts, like executive orders and agency appointees.