GMS Flash Alert 2017-157, (published on Thursday, November 2nd) has been updated to include a few clarifications based on subsequent releases.
On Sunday, November 5th, 2017, KPMG’s Washington National Tax practice published a comprehensive booklet which provides preliminary analysis and observations with respect to H.R. 1, the “Tax Cuts and Jobs Act”. The 100+ page booklet is a great starting point for understanding the current proposals with respect to tax reform. The booklet can be found here: House Republican tax reform bill—Initial observations on Chairman Brady's mark.
GMS Flash Alert 2017-157, (published on Thursday, November 2nd) has been updated to include a few clarifications based on subsequent releases. The updates include a clarification with respect to home equity indebtedness and additional information regarding the phase-out of the exclusion for gain on sale of a primary residence. We’ve updated the tax rates tables to present them in a format that we believe is more useful to our readers.
Please be sure to register for our KPMG TaxWatch Webcast: Tax Reform: Implications for a Globally Mobile Workforce. This event will be held on Tuesday, December 12, from 2:00 to 3:00 PM (ET). Registration information will be forthcoming shortly.
The above information is not intended to be "written advice concerning one or more Federal tax matters" subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230 as the content of this document is issued for general informational purposes only.
The information contained in this newsletter was submitted by the KPMG International member firm in the United States.
© 2017 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
Flash Alert is an Global Mobility Services publication of KPMG LLPs Washington National Tax practice. The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.