The term “tax planning” holds more weight in 2018 thanks to the Tax Cuts and Jobs Act (TCJA). The tax reform bill was passed at the end of last year, and most of its modifications became effective in 2018. These changes present a unique opportunity for you to look at your taxes in a new light, explore new benefits, and with any luck, pay fewer taxes. Below highlights some key areas of impact that may require a change in your tax planning and strategies.
Topics: David Bussius, tax planning, year-end tax planning, Tax Reform, Tax Cuts and Jobs Act, TCJA, 2019 tax planning
The 2016 election has lasting ramifications for politics, but it also created a unique pathway to tax legislation. Republican presidential nominee Donald Trump took control of the White House and retained control of the House (236 seats to the Democrats’ 191) and the Senate (53-47), which could mean more coordination between the executive branch and the legislative branch than in recent years.
Topics: David Bussius, Congress, Donald Trump, Tax Reform, 2016 election, House Republicans
With additional funding and resources, new reporting requirements, and a reorganization of Its Large Business & International (LB&I) division, the IRS now has a more centralized and enhanced focus on transfer pricing enforcement and compliance. These changes also give the IRS the depth to redirect some of its attention to transfer pricing practices at middle-market businesses with assets between $10 million and $250 million.
Topics: Transfer Pricing Audits, David Bussius, IRS, IRS Updates