The next president will likely move quickly to implement major tax changes for both individuals and businesses.
2. Timing/Extent of Lame-Duck Tax Package
The outgoing Congress has been holding back until after Election Day to pass a host of tax bills, including extending tax breaks that expire at the end of 2016, as well as energy-oriented provisions.
3. Affordable Care Act Compliance
New ACA information reporting for 2016 and 2017 will pose new challenges to employers, and test the exceptions available to individuals.
4. Repair versus Capitalization
New de minimis and remodel-refresh safe harbor rules can give businesses some additional shelter from the uncertainties surrounding the "repair regs."
5. Partnership Opt-In Audit Election
Partnership audits will undergo a mandatory sea change for tax years after 2017. Until then, partnerships and their partners can elect to come under the new audit rules immediately. How do they do so and, more importantly, should they?
6. Retirement Planning
Increased pressure on retirement strategies go hand-in-hand with the baby boomer retirement wave. IRS is adding more annuity-type options, rollover flexibility, and more.
7. Impact of IRS Budget Cuts
Help from the IRS, whether on irs.gov, on the phone, in person, or through published guidance, is challenged as the IRS is forced to do more with less. The costs of cybersecurity aren’t helping.
8. International Tax Compliance
Cross-border tax avoidance, from corporate inversions to individual foreign bank accounts, continues to grow. So does implementation of new measures by the US Treasury Department and the IRS to capture some of that lost revenue.
9. Exempt Organizations Oversight
The IRS and Congress continue to walk what some say is an impossible line between not meddling in the affairs of exempt organizations and enforcing the underlying rules put into place to further only exempt purposes.
10. Changes in Filing/Reporting Deadlines
Major changes within major filing and reporting deadlines will take place starting immediately in 2017. Among them are new deadlines for partnerships, corporations, and FBAR filing.
Learn more about year-end tax planning by getting the free Wolters Kluwer Tax Briefing here.