Tax Reform: Expectations for 2017 | KPMG | US

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Tax reform in the United States

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New Tax Law

KPMG LLP has prepared a report about the new tax law in the United States. This report includes expanded discussions, analysis, and observations about provisions of the new tax law.

 

Read industry or sector-specific reports about provisions in the new tax law:

Recent Articles

2018

Jun 20 - Notice 2018-48: List of population census tracks as designated qualified opportunity zones

Jun 19 - Rev. Proc. 2018-35: Automatic change, method of accounting for citrus replanting costs

Jun 18 - Colorado: Guidance on reporting IRC section 965 income

Jun 18 - North Carolina: Federal tax conformity legislation

Jun 18 - Rhode Island: Proposed regulation on corporate tax treatment of section 965 income

Jun 14 - U.S. Treasury’s final update of list of opportunity zones (June 2018)

Jun 14 - KPMG report: Federal developments supplement to KPMG’s report on new tax law

Jun 11 - Michigan: Guidance on corporate tax treatment of mandatory repatriation pursuant to IRC section 965

Jun 8 - Notice 2018-55: Future regulations for private colleges, universities on “endowment excise tax”

Jun 7 - IRS updates list of FAQs on opportunity zones

Jun 5 - KPMG report: Mineral interest income, eligible for section 199A deduction?

Jun 5 - KPMG report: Tax reform and publicly traded partnerships

Jun 4 - IRS again updates FAQs, “transition tax” under Code section 965; penalty relief and filing information

May 31 - Treasury offers expanded relief for producers claiming wine production credit

May 25 - Notice 2018-42: Modifications to standard mileage rates for 2018

May 23 - Notice 2018-54: Future regulations to address state and local tax deductions

May 22 - U.S. Treasury updates list of opportunity zones (May 2018)

May 21 - Massachusetts: Estimated tax penalty relief, corporations affected by IRC section 965 “transition tax” on deferred foreign earnings

May 21 - Tennessee: Legislation to “decouple” from provisions under new federal tax law

May 18 - Iowa: Federal tax conformity legislation, other measures

May 17 - Connecticut: New partnership-level tax, in response to federal tax changes

May 17 - Indiana: Federal tax conformity legislation enacted

May 14 - Hawaii: Tax conformity legislation reflects measures related to federal tax reform

May 10 - Third quarter update to IRS, Treasury priority guidance plan 2017-2018

May 9 - Rev. Proc. 2018-31: List of automatic changes; certain accounting method changes reflecting new tax law

May 8 - Notice 2018-30: Section 382 recognized built-in gains, losses determined without regard to section 168(k) immediate expensing

May 7 - Alabama: Guidance relating to IRC section 965

May 7 - Florida: Guidance on corporate tax treatment under IRC section 965

30 Apr - Pennsylvania: Guidance on state tax treatment of amounts subject to “transition tax” of section 965

Apr 27 - Notice 2018-43: Recommendations requested for IRS, Treasury guidance, including guidance to implement new tax law

Apr 27 - Rev. Rul. 2018-11: Inflation adjustment for certain debt instruments, as revised by new tax law

Apr 26 - Rev. Proc. 2018-27: Changes to HSA contribution limitation for 2018, relief measures

Apr 26 - IRS provides FAQs on qualified opportunity zones, under new tax law

Apr 26 - Notice 2018-41: Future regulations, information reporting on reportable policy sales of life insurance contracts (new section 6050Y)

Apr 26 - Rev. Rul. 2018-13: State-assumed interest rates, insurance company post-2016 reserves

Apr 24 - First congressional hearing on new U.S. tax law

Apr 24 - Kentucky: Tax reform legislation includes federal tax conformity measures

Apr 23 - KPMG report: Employer credit, paying employees for family or medical leave

Apr 23 - Nebraska: Update on federal tax conformity

Apr 23 - Oregon: Federal tax conformity; guidance on transition tax on repatriations under IRC section 965

Apr 23 - Rhode Island: Guidance on transition tax on repatriated foreign income under IRC section 965

Apr 19 - U.S. Treasury updates list of opportunity zones, under new tax law

Apr 17 - Rev. Proc. 2018-25: Automobile depreciation deduction limits for 2018, reflecting new tax law

Apr 16 - Notice 2018-38: Fiscal year U.S. corporations to pay “blended” income tax rate under new tax law

Apr 16 - Arizona: Federal tax conformity legislation enacted

Apr 16 - Connecticut: Guidance on state tax treatment of mandatory repatriation amounts under IRC section 965

Apr 14 - IRS updates FAQs, “transition tax” on foreign earnings under Code section 965

Apr 13 - IRS reminder: Combat zone tax benefits, Armed Forces service in Sinai Peninsula, retroactive to June 2015

Apr 13 - Notice 2018-37: Future regulations to clarify effective date, trust income payment to former spouse

Apr 13 - Rev. Proc. 2018-22: Corrected AMT phaseout threshold amount for estates, trusts

Apr 12 - Notice 2018-35: Transitional guidance, accrual method taxpayers deferring advance payments from income

Apr 9 - IRS Publication 5292: Calculating section 965 amounts, elections available for 2017 returns

Apr 9 - First round of opportunity zones released, under new tax law

Apr 9 - Tennessee: Guidance on state tax treatment of repatriated income under IRC section 965

Apr 9 - Wisconsin: Federal tax conformity legislation enacted

Apr 3 - New York: State budget includes federal tax reform-related changes

Apr 2 - Revised draft instructions for cooperatives, Form 1120-C for 2017, to reflect new tax law measures

Apr 2 - Initial impressions on Notice 2018-28, computing business interest expense limitation under section 163(j)

Apr 2 - Initial impressions on Notice 2018-26 and guidance under section 965; special elections, reporting and paying the “transition tax”

Apr 2 - Initial impressions on Notice 2018-29, withholding on transfers of non-publicly traded partnership interests

Apr 2 - Notice 2018-28: Computing business interest expense limitation under section 163(j)

Apr 2 - Notice 2018-26: Special elections under section 965, reporting and paying the “transition tax”

Apr 2 - Notice 2018-29: Transfers of non-publicly traded partnership interests, withholding on transfers

Apr 2 - Florida and Georgia: Federal tax conformity legislation enacted

Mar 27 - Notice 2018-23: Transitional guidance on expanded nondeductibility of certain fines, penalties and information reporting

Mar 27 - Section 199A implications for cooperatives under appropriations legislation

Mar 26 - Illinois, New Jersey, Utah: Guidance on state treatment of “transition tax” on foreign earnings under new Code section 965

Mar 19 - Idaho: Federal tax conformity bills

Mar 13 - IRS provides FAQs about “transition tax” on foreign earnings (new Code section 965)

Mar 12 - KPMG report: Tax reform implications for R&D activities

Mar 12 - Georgia: Federal tax conformity and rate reduction legislation enacted

Mar 5 - Temporary relief for producers claiming the wine production credit under new tax law

Mar 5 - Virginia: Federal tax conformity legislation

Mar 2 - Rev. Proc. 2018-18: Inflation adjustments for 2018, revised to reflect new tax law

Mar 1 - Notice 2018-18: Future "carried interest" regulations to clarify partnership interests held by S corporations

Feb 28 - IRS updates Form W-4, “withholding calculator” to reflect tax law changes

Feb 26 - West Virginia: Federal corporate income tax conformity legislation

Feb 19 - KPMG report: Qualified opportunity zone investments under new U.S. tax law

Feb 19 - New York: Proposed relief, federal tax law repeal of uncapped state and local tax deduction

Feb 15 - Rev. Proc. 2018-17: Effects of prohibited tax year changes for “specified foreign corporations”

Feb 14 - Rev. Proc. 2018-17: Initial impressions, section 965 and “specified foreign corporations” changing tax years

Feb 13 - Rev. Proc. 2018-17: Requests by foreign corporations changing tax year, application of section 965

Feb 12 - Connecticut: Proposed “decoupling” from certain provisions under federal tax law

Feb 12 - Idaho: Updated conformity measures, federal tax law

Feb 8 - IRS guidance projects, implementing new tax law provisions

Feb 7 - JCT report describing federal tax law

Feb 6 - IRS release: New tax law, no changes to pension plan cost-of-living adjustments for 2018

Jan 31 - New tax law implications, Alaska native corporations, settlement trusts

Jan 29 - FAQs recharacterization of Roth IRA contributions under new tax law

Jan 29 - Notice 2018-14: Withholding tax guidance, implementing new income tax law

Jan 22 - New York: State tax agency report, implications of federal tax reform for New York taxpayers

Jan 19 - Notice 2018-13: Additional guidance about “transition tax” on foreign earnings (new Code section 965)

Jan 18 - KPMG report: New tax measures affecting partnerships, S corporations, and their owners

Jan 17 - KPMG report: Accounting for U.S. tax reform under IFRS

Jan 8 - KPMG report: Power and utilities industry measures in new tax law

Jan 8 - U.S. states start to address federal tax reform

Jan 5 - KPMG report: Tax reform, accounting for income taxes

2017

Dec 29 - Notice 2018-08: Revised timeline, guidance on implementing new section 1446(f), publicly traded partnerships

Dec 29 - Notice 2018-07: "Transition tax" on foreign earnings (new Code section 965)

Dec 29 - Insurance: Mandatory repatriation considerations under new tax law

Dec 22 - SEC relief to registrants, new U.S. tax law

Dec 22 - KPMG report: Private equity funds—certain measures in new tax law

Dec 22 - KPMG report: New tax law (H.R. 1)—Initial observations

Dec 22 - President signs tax bill into law

Dec 20 - KPMG report: Tax reform for tax-exempt organizations and donors 

Dec 20 - House passes revised conference agreement, completing congressional action on tax reform bill

Dec 20 - Senate passes tax reform conference agreement, with revisions

Dec 19 - House passes “Tax Cuts and Jobs Act” conference agreement

Dec 18 - KPMG report: Insurance provisions in “Tax Cuts and Jobs Act” conference report

Dec 18 - KPMG report: Initial analysis, observations of tax reform conference agreement

Dec 15 - Tax reform conference committee reaches agreement, bill text is released

Dec 13 - Tax reform conference committee convenes

Dec 12 - EU finance ministers express concerns about U.S. tax reform proposals

Dec 11 - JCT macroeconomic analysis of House tax reform bill

Dec 11 - JCT comparison of revenue estimates of House and Senate-passed tax reform bills

Dec 7 - Conferees for tax reform conference

Dec 7 - JCT comparison of House- and Senate-passed tax reform bills

Dec 6 - KPMG report: Tax reform for tax-exempt organizations and donors

Dec 4 - Conference on tax reform bills; House conferees named; Senate rules preclude certain items

Dec 4 - KPMG report: Insurance provisions in tax bill passed by U.S. Senate

Dec 4 - KPMG report: Preliminary analysis and observations regarding Senate-passed bill

Dec 2 - Senate passes tax reform bill: Modifications made on Senate floor

Nov 30 - Explanation, macroeconomic estimate of reconciliation (tax reform) bill in Senate

Nov 29 - KPMG report: Tax reform proposals, implications for banking and capital markets

Nov 28 - Senate Budget Committee votes to send tax reform bill to Senate floor

Nov 28 - KPMG report: Income tax accounting considerations of U.S. tax reform

Nov 27 - KPMG report: Oil, gas and mining provisions—House, Senate Finance Committee versions of tax reform bills 

Nov 22 - KPMG report: Provisions affecting private equity funds in tax reform bills—House bill and Senate Finance Committee bill

Nov 21 - KPMG report: Insurance provisions in tax reform approved by Senate Finance Committee (as of November 20)

Nov 20 - Senate Finance Committee releases tax reform bill text

Nov 18 - KPMG report: Senate tax reform bill—Initial observations on Finance Committee bill

Nov 17 - JCT revenue estimate of Senate Finance-approved tax reform bill

Nov 16 - Senate Finance Committee approves tax reform bill, including Chairman’s “manager’s amendment” 

Nov 16 - KPMG’s analysis on House tax reform bill; House passes H.R. 1

Nov 15 - Senate Finance Chairman’s modified mark, correction made to tax bracket calculations

Nov 15 - Initial impressions: Senate Finance Chairman's modified mark

Nov 15 - Senate Finance Chairman’s modified mark is released

Nov 14 - KPMG report: Insurance provisions in tax bill approved by Ways and Means Committee

Nov 14 - KPMG report: Power and utilities provisions, Ways and Means tax reform bill

Nov 14 - KPMG report: Tax reform proposals that may affect tax-exempt organizations and donors

Nov 14 - JCT report, distributional effects of Ways and Means tax bill

Nov 13 - KPMG report: Senate tax reform bill—Initial observations on Chairman Hatch's mark

Nov 12 - Senate Finance Committee staff's description of tax reform bill

Nov 11 - KPMG report: House Republican tax reform bill—Initial observations on Ways and Means Committee bill

Nov 11 - JCT revenue table on Ways and Means tax reform bill

Nov 10 - Senate Finance tax reform markup set for Monday afternoon, November 13

Nov 10 - Text of tax reform bill, as approved by Ways and Means 

Nov 9 - Initial impressions: Ways and Means Committee approves tax reform bill

Nov 9 - U.S. Senate Finance Chairman's mark for tax reform released

Nov 9 - Ways and Means amendments for markup of tax reform bill (H.R. 1)

Nov 6 - Ways and Means begins consideration of H.R. 1; adopts amendment

Nov 5 - KPMG report: House Republican tax reform bill—initial observations on Chairman Brady's mark

Nov 3 - JCT description of tax reform bill (H.R. 1)

Nov 3 - Ways and Means “Chairman’s mark” released in advance of markup, November 6

Nov 2 - Initial impressions: Tax reform bill released in House, November 2

Nov 2 - U.S. House Ways and Means Committee releases tax reform bill

Nov 1 - Ways and Means to release tax reform bill text, November 2

Oct 26 - Tax reform bill release November 1, House passes budget resolution

Oct 20 - U.S. Senate passes budget resolution; what does this mean for tax reform?

Oct 16 - KPMG report: Tax reform implications for low-income housing credit

Oct 5 - KPMG report: What are possible state tax implications of tax reform framework?

Oct 5 - Budget resolutions passed by House, Senate Budget Committee; steps toward U.S. tax reform legislation

Oct 3 - KPMG report: Framewnork for tax reform: Implications for banking and capital markets

Sep 29 - Senate FY 2018 proposed budget resolution; implications for tax reform legislation

Sep 28 - Senate Finance Committee schedules hearing on international tax reform

Sep 27 - KPMG report: Unified framework for comprehensive tax reform, initial observations

Sep 27 - Framework for U.S. tax reform

Sep 26 - President meets with Ways and Means members on tax reform

Sep 13 - New tax reform outline to be released week of September 25

Sep 12 - Senate Finance Committee schedules hearing on business tax reform

Sep 7 - Senate Finance schedules hearing on individual tax reform

Sep 6 - President calls for tax reform, territoriality in speech in North Dakota

Sep 5 - Congress returns to busy agenda

Aug 30 - President's speech on tax reform

Aug 15 - KPMG report: Taxes and healthcare reform—now what?

Aug 3 - U.S. Senate confirms Treasury Assistant Secretary for Tax Policy

Jul 28 - Senate healthcare bill fails; tax reform implications?

Jul 27 - Administration and congressional Republican leaders release statement on tax reform

Jul 24 - KPMG report: Deferral structures based on licensing models under potential tax reform

Jul 24 - KPMG report: Federal tax reform proposals may revive dormant state tax issues

Jul 20 - Senate Finance Chairman Hatch urges shift to territorial tax system

Jul 20 - Finance Committee approves Treasury Assistant Secretary for Tax Policy

Jul 17 - JCT report: Tax reform and individuals and families, Ways and Means subcommittee hearing

Jul 14 - JCT report: Senate Finance Committee hearing on tax reform prospects, challenges

Jun 22 - KPMG report: FAQs on tax reform (substantially updated)

Jun 20 - House Speaker Ryan’s “first major speech on tax reform”

Jun 16 - Finance Chairman Hatch requests ideas, feedback on tax reform

Jun 7 - Hatch’s statement on tax reform: Revenue offsets “on the table”

May 25 - Camp tax reform proposal—revisited

May 23 - Trump Administration releases budget proposals

May 22 - JCT report: Destination-based taxation and border adjustments; report for Ways and Means hearing

May 22 - KPMG report: FAQs concerning the American Healthcare Act and taxes

May 19 - Senate Finance schedules hearing on FY 2018 budget proposals, tax reform

May 18 - Ways and Means hearing scheduled on administration’s FY 2018 budget proposals 

May 17 - Senate Finance’s Thune introduces bill to simplify, reform tax law

May 16 - JCT report on tax reform, in advance of Ways and Means’ tax reform hearing

May 11 - Ways and Means schedules hearing on tax reform

May 11 - President announces nominee for Treasury Assistant Secretary for Tax Policy

Apr 28 - Comparisons: Key aspects of president’s tax plan, House GOP blueprint, Camp tax reform bill

Apr 26 - Trump Administration releases tax reform principles

Apr 26 - CRS report on border adjustment tax and exchange rates

Apr 24 - Comparison: House GOP blueprint versus Camp tax reform proposals

Apr 20 - Treasury Secretary: Statement on possible tax reform plan

Apr 5 -  KPMG report: Questions for insurers, reinsurers raised by proposed border adjustment tax

Mar 30 - KPMG report: Tax reform considerations for life sciences companies

Mar 21 - KPMG report: Engineering and construction tax reform considerations

Feb 28 - President’s comments on taxes in speech to Congress

Feb 28 - KPMG report: Potential tax implications of healthcare reform

Feb 27 - Treasury Secretary comments about tax reform, border adjustments, “reciprocal tax”

Feb 20 - KPMG report: Employer challenges, opportunities in potential tax reform

Feb 20 - KPMG report: State tax implications of federal tax reform—FAQs

Feb 9 - Trump says, expect tax announcement in a few weeks

Feb 2 - Chairman Hatch's remarks on Senate tax reform process

Jan 24 - Tax reform and potential implications for insurance industry (tables comparing proposals)

Jan 23 - KPMG report: Possible tax reform effects on REITs

Jan 20 - Senate Finance Committee hearing on nomination of Mnuchin

Jan 17 - Preparing for BEPS under the new U.S. administration

Jan 16 - KPMG report: Possible issues for real estate under House Republican “blueprint”

Jan 9 - KPMG report: Economic considerations of Trump’s tax proposals

Jan 3 - 115th Congress convenes; tax agenda items

Read more

>> Read more on KPMG Institutes: Outlook for U.S. tax reform

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