Close
Close

As election season looms, Congress sets stage for future tax reform

RFP
Tax Hot Topics: Stage set for tax reformCongress is working on a handful of significant tax issues that could prove very important for tax reform in 2017 and 2018. Little if any tax legislation is expected this year, but ideas discussed today are likely to serve as the basis for future legislative action. Tax writers have held hearings and introduced proposals on various aspects of reform, including:

  • Corporate integration
  • Business equivalency
  • International reform
  • Derivative treatment
  • Depreciation
  • Value-added and consumption taxes

Tax Legislative Update 2016-02 discusses what’s expected for tax legislation for the rest of the year, and describes how the current proposals fit into the outlook for tax reform. The side-by-side comparison of the tax platforms of the presidential candidates has been updated to provide expanded information on the two leading candidates.            

Tax professional standards statement
This content supports Grant Thornton LLP’s marketing of professional services and is not written tax advice directed at the particular facts and circumstances of any person. If you are interested in the topics presented herein, we encourage you to contact us or an independent tax professional to discuss their potential application to your particular situation. Nothing herein shall be construed as imposing a limitation on any person from disclosing the tax treatment or tax structure of any matter addressed herein. To the extent this content may be considered to contain written tax advice, any written advice contained in, forwarded with or attached to this content is not intended by Grant Thornton LLP to be used, and cannot be used, by any person for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.

The information contained herein is general in nature and is based on authorities that are subject to change. It is not, and should not be construed as, accounting, legal or tax advice provided by Grant Thornton LLP to the reader. This material may not be applicable to, or suitable for, the reader’s specific circumstances or needs and may require consideration of tax and nontax factors not described herein. Contact Grant Thornton LLP or other tax professionals prior to taking any action based upon this information. Changes in tax laws or other factors could affect, on a prospective or retroactive basis, the information contained herein; Grant Thornton LLP assumes no obligation to inform the reader of any such changes. All references to “Section,” “Sec.,” or “§” refer to the Internal Revenue Code of 1986, as amended.