As we reach the middle of 2017, we have seen some movement on tax reform as well as the potential repeal and replacement of the Affordable Care Act (ACA), yet actual passage of either remains far from certain. Tax reform hearings are just underway in the House of Representatives and, while the repeal of the ACA has moved on to the Senate, we expect each to be a slow process lasting much of the balance of the year.
With this in mind, we focus our midyear letter on state and local tax changes as states are becoming increasingly proactive in locating additional sources of revenue and definitions of nexus are constantly evolving. We also discuss the new financial statement revenue recognition process and how it impacts revenue when it is taxed for federal income tax purposes.
As always, we remind you that tax planning should be addressed throughout the year and be an integral part of financial planning. We encourage you to contact your Baker Tilly advisor to discuss how these issues affect your tax position.
Visit the sections below for updates on the most impactful midyear tax issues:
- Status of tax reform
- Status of the Affordable Care Act (ACA): Repeal and replace
- Recognizing revenue changes for tax purposes
- State and local taxes
- Miscellaneous federal developments
We will continue to keep you informed of the latest developments by sending updates to assist you with planning throughout the remainder of the year. See our 2017 Tax Planning Guide for additional ways to help you reduce your taxable income by taking advantage of every tax break to which you are entitled.
For more information on this topic, or to learn how Baker Tilly tax specialists can help, contact our team.
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.