- The “Graham-Cassidy” bill is Republicans last hope to repeal and replace the Affordable Care Act in 2017.
- The IRS is regaining focus on captive insurance companies, causing a stir during recent filing season.
- The Multistate Tax Commission is offering a voluntary disclosure program for certain online marketplace sellers until Oct. 17, 2017.
- Due to the challenges of enacting comprehensive tax reform, we expect that some alternative compromise will take shape in order to obtain a corporate rate reduction and some individual tax changes rather than a comprehensive tax reform package. We expect legislation to be drafted by late fall or early winter with a bill ready for the president’s signature early in 2018. In the meantime, we will continue to monitor and bring you any developments.
- New partnership audit regulations require all partnerships to review and change their partnership agreements as well as perform an ASC 740 review of their transactions.