Will changing tax rules affect your business?
Understand the potential impact of tax reform on business growth plans
From a major federal tax overhaul to specific state and local tax law changes, government entities are constantly adjusting the tax landscape for businesses. Further, both President Trump and the House Republicans believe that tax reform is essential if the U.S. economy is to increase its rate of growth. Expect tax reform to be a central focus of the new Congress and Administration in 2017.
As a business leader, you need to be aware of what is happening and what may happen to the taxation of your business. When the rules are constantly changing, that can be difficult. We stay on top of changes – and potential changes – so that you can plan your business strategy accordingly.
U.S. TAX REFORM
Both the Trump administration’s tax proposal, as well as the House Republican Tax Blueprint, contain provisions which would tax unrepatriated earnings of foreign subsidiaries of U.S. multinational corporations.
Contending with several quarters of weak growth in overall state tax collections, between 25 and 40 states are facing revenue shortfalls. The budget season is heating up with a flurry of legislation proposed to close those budget gaps for the 2018 fiscal year.
Recent statements from key players in tax reform cast serious doubt on the future of the proposed border adjusted tax.
Although the specific provisions and timing of tax reform remain uncertain, it seems likely that business tax rates will be lower in the future. Given this expectation, prudent planning for employers includes accelerating deductions into periods before the rates will drop, leading to a permanent tax savings from the rate differential.
The House of Representatives passed the American Health Care Act as a first step toward modifying the Affordable Care Act.
Newly announced proposal draws heavily on President Trump’s campaign proposals; many critical details are not addressed.
Proposed tax reform would offer significant benefits for the oil and gas industry, though there are also some potential concerns.
Facing the uncertainty of federal tax reform, and in addition to widespread budget deficits and lackluster economic growth, several states are considering new (or bringing back old) methods of revenue generation.
Businesses should understand how they may be affected by the elimination of some credits and incentives and the expansion of others.
As the idea of comprehensive tax reform continues to move forward, the House Republican Blueprint has become a major topic of discussion, fueling both commentary and questions around this potentially far-reaching overhaul of the U.S. system of taxation.
The proposed border adjustment tax and corporate tax reform would be the most sweeping change to the tax code since 1986.
While the process is notoriously fluid and unpredictable, it appears it will likely be late 2017 before we have final tax reform legislation.
RSM Principal Don Susswein explores the potential impact of the domestic proposals found in the House GOP Tax Reform Blueprint.
As 2017 begins, and a new Congress and president are sworn in, a comprehensive tax overhaul appears to be near the top of the legislative agenda. Key to the House GOP’s tax proposal is a move towards a destination-based tax, where income from goods and services are taxed based on where they are consumed, as opposed to where they are produced.
Regulations make technical changes to section 871(m) withholding rule but questions about legal effect remain in light of regulation freeze.
The new Trump administration is garnering attention worldwide. Ken Almand, Head of Transfer Pricing at RSM UK, recently explored the possibilities for new U.S. corporate tax rates under President Trump’s administration and whether multinationals will rush to review their tax strategies and transfer pricing in the United States.
Regulations submitted but not published in the Federal Register are to be withdrawn; published but not yet effective regulations are delayed.
A new destination-based tax regime may be part of increasingly likely comprehensive tax overhaul, but details remain unclear.
It is far past time to repair how we travel, communicate, conduct commerce and provide energy to our communities.
Doing business overseas may trigger unexpected tax consequences, but careful planning can help mitigate the tax bite.
Expecting tax reform to become a reality, some companies and individuals may want to take action before 2016 ends.
Expect tax reform to be a central focus of the new Congress and new administration in early 2017. Here is a look at what could be coming.
President-elect Trump and the House Republicans believe that tax reform is essential. Expect tax reform to be a central focus in early 2017.