When the tax bill was signed into law last December, we spoke with many organizations in the U.S. and abroad who were assessing what it would mean for their businesses. Most executives and tax professionals had an idea of what they could expect from the bill, but they needed a second set of eyes, as the ultimate impact of the bill remained (and still remains) uncertain.

Since the bill’s passing, folks across our firm have been cutting through the noise of the legislation and addressing the relevant valuation and cash flow issues for companies of all sizes, in all industries. With this great effort in mind, we present a dedicated section on Tax Reform, providing specialized analyses from across Stout’s service areas. We offer an overview of what to expect from the bill, assess its impact on the M&A market and distressed businesses, and lay out the new GILTI (pronounced “guilty”) tax pertaining to global income. In addition to our Tax Reform section, we discuss taxes in regard to estate planning and oil and gas valuation. If you’re interested in a tax-related topic that we do not address here, please reach out to us, and we’ll be happy to answer any questions you may have.

While we’ve been busy focusing on the tax bill, along with countless other client matters, we’ve also been broadening our global reach through the opening of our new offices in Geneva and Lausanne, Switzerland. Opened last November, our first European offices provide cross-border transaction coverage for Switzerland and the market regions of Western Europe, the Middle East, and Africa. Managing Directors Stéphane Oury and Christophe Lapaque came on board to lead the offices, and I invite you to meet them, as they offer their thoughts on the M&A landscape across the region, private equity transactions, their dealmaking experience, and much more.

Complementing Stéphane and Christrophe’s take on European mergers and acquisitions is our semiannual M&A update, which also ties into the tax-reform theme. Our experts – such as John Bone, who we talk with in this issue – have also been hammering away at many other timely topics, including: cryptocurrency; cybersecurity; the value of doing your due diligence and understanding the nuances of words when engaging in a transaction; and detailed court case reviews on matters related to patents and shareholder rights.

These insights, and our other articles in this issue of The Journal, showcase the hard work, service, and expertise of our firm, and I hope provide you with valuable input on important issues.

Craige Stout