Tax practitioners never really “start fresh” as a new calendar year rolls around. For 2017, carryover from 2016 not only includes the usual reporting and compliance issues related to the 2016 tax year just ending, but also those tax changes and issues begun in 2016 that are by no means finished at year’s end. Our column this month focuses on identifying these latter changes that carry over into 2017. We have chosen a “Top 10” format for presentation for our 2016 picks, aware of the dangers of missing one or debatably prioritizing one over another.
Debt versus equity Final debt-equity Code Section 385 regulations issued in October not only make our Top 10 list because of the counterpoint they represent against the scope of the considerably more aggressive proposed version released last May. Although these final regulations represent substantial modifications from proposed regulations that would have impacted many more transactions, they remain controversial in their broad potential for debt/equity reclassification. These final regulations may get another look under the new administration, especially with Republican tax reform proposals that would limit business interest deductions. Read Article: http://www.accountingtoday.com/opinion/tax-strategy-a-top-10-list-of-2016-developments-ready-for-2017 Comments are closed.
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September 2017
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