Tax Reform

TaxNewsFlash-Tax Reform — Tax reform in the United States

 

TaxNewsFlash-Tax Reform

KPMG's website is currently being upgraded. Recent articles are temporarily provided below. Earlier articles are available here.

 

Jun 14 - Final regulations: “Global intangible low-taxed income” (GILTI) (text of regulations)

Jun 14 - Proposed regulations: Section 958 (determining stock ownership) and section 951A (GILTI) (text of regulations)

Jun 14 - Regulations: Dividends received deduction limitation when from certain foreign corporations (text of regulations)

 

 

 

 

 

 

 

 

Earlier Articles

Feb 5 - KPMG report: Changes in corrected final regulations under section 199A

Feb 4 - Final regulations under section 199A released to Federal Register

Feb 4 - Mississippi: Guidance on state tax treatment of certain provisions of 2017 federal tax law 

Feb 4 - Final regulations released to Federal Register, "transition tax” under section 965

Feb 1 - Final regulations under section 199A; new version reflects changes

Jan 30 - Final regulations under section 965; new version reflects changes

Jan 29 - Public hearings scheduled: GILTI and opportunity zone proposed regulations

Jan 24 - KPMG report: Analysis and observations of final section 199A regulations

Jan 23 - IRS final forms, instructions: Implementing U.S. tax law changes

Jan 22 - KPMG report: Regulations addressing treatment under section 199A, dividends paid by REITs

Jan 18 - Final regulations under section 199A (20% deduction), text released by IRS

Jan 18 - KPMG report: Final regulations relating to “transition tax” under section 965

Jan 17 - OIRA review completed, final regulations under section 199A (20% deduction)

Jan 16 - Notice 2019-11: Estimated tax penalty waiver for 2018, individual taxpayers

Jan 16 - KPMG report: Interim guidance, taxing “excess” executive compensation of exempt organizations

Jan 15 - Final regulations under section 965, text is released by IRS

Jan 14 - OIRA review completed, final regulations under section 965 transition tax

Jan 14 - IRS statement on sequestration, refundable AMT credits for corporations

Jan 14 -  New Jersey: Guidance on state tax treatment of GILTI and FDII

Jan 11 - Notice 2019-08: Values for employee personal use of employer-provided vehicles

Jan 10 - Accounting for AMT credit refunds resulting from tax reform, effects of sequestration

Jan 7 - Public hearing, proposed regulations for opportunity zones

Jan 7 - IRS final forms, instructions for implementing U.S. tax law changes

Jan 7 - New Jersey: New form for reporting dividends, deemed mandatory repatriation dividends

Jan 3 - KPMG report: Preliminary analysis and observations regarding certain exempt organization provisions in JCT Bluebook

Jan 3 - KPMG report: JCT Bluebook clarifies intended application of enhanced charitable contribution deduction

Jan 2 - Ways and Means Chairman Brady’s discussion draft for technical corrections legislation

 

2018 Articles

Dec 31 - KPMG report: Preliminary analysis and observations, JCT Bluebook description on application of section 163(j) to passthrough entities

Dec 31 - Notice 2019-09: Interim guidance on excise tax imposed under section 4960, excess remuneration

Dec 28 - Rev. Proc. 2019-12: Safe harbors, business taxpayer payments to charity for state, local tax credits

Dec 26 - Proposed regulations under section 864(c)(8) released to Federal Register

Dec 21 - KPMG report: Initial impressions, proposed regulations implementing “anti-hybrid” provisions of new tax law

Dec 21 - KPMG report: Preliminary analysis and observations regarding certain passthrough provisions in JCT Bluebook

Dec 21 - KPMG report: Preliminary analysis and observations regarding certain international provisions in JCT Bluebook

Dec 21 - Rev. Proc. 2019-08: “Qualified real property” expensing under section 179, alternative depreciation under section 168

Dec 21 - KPMG report: Initial impressions of proposed regulations under section 864(c)(8)

Dec 20 - Proposed regulations under section 163(j) released to Federal Register

Dec 20 - Proposed regulations on hybrid dividends, payments (text of regulations)

Dec 20 - Proposed regulations under section 864(c)(8) (text of regulations)

Dec 20 - JCT general explanation of new tax law (“Bluebook”)

Dec 19 - KPMG report: “BEAT” proposed regulations, provisions applicable to insurance companies

Dec 19 - Entity classification: Withdrawing change request after regulations render election undesirable

Dec 18 - Proposed regulations on hybrid dividends, payments provision; OIRA review completed

Dec 18 - IRS releases draft instructions for Form 965 series

Dec 17 - KPMG report: Analysis and observations about “BEAT” proposed regulations

Dec 17 - Proposed regulations on “BEAT” released to Federal Register

Dec 17 - Regulations pending OIRA review, section 250 deductions for foreign-derived intangible income and GILTI

Dec 17 - KPMG report: Initial impressions of Notice 2019-01 and “PTEP” guidance

Dec 14 - Notice 2019-01: Future regulations, foreign corporations with previously taxed earnings and profits (text of notice)

Dec 14 - Regulations pending OIRA review, section 199A and 20% deduction for passthrough business income

Dec 14 - KPMG report: Initial impressions, proposed regulations under section 59A (“BEAT”)

Dec 13 - Proposed regulations implementing “BEAT” provision under section 59A (text of regulations) 

Dec 13 - Rev. Proc. 2019-10: Insurance company, method of accounting change for computing reserves (text of revenue procedure)

Dec 13 - IRS releases Form 5471 and draft instructions for 2018

Dec 13 - OIRA review completed; proposed regulations implementing “BEAT” provision

Dec 12 - KPMG report: Initial impressions, FAQs on “transition tax” under section 965 for 2018 returns

Dec 12 - IRS provides FAQs, “transition tax” under section 965 for 2018 returns

Dec 12 - IRS provides draft version of Form 965 instructions

Dec 11 - OIRA review completed, proposed regulations under section 864(c)(8), gain or loss from sales of U.S. partnership interests

Dec 11 - Draft instructions, Form 8990: Business interest expense limitation, section 163(j)

Dec 11 - Notice 2018-100: Waiver of estimated tax penalties attributable to fringe benefit UBTI

Dec 10 - Ways and Means Chairman Brady releases modified version of tax package

Dec 10 - Notice 2018-99: Parking expenses as qualified transportation fringe benefits, nondeductible amount

Dec 7 - Notice 2018-97: Initial guidance, new tax benefit for stock options and restricted stock units

Dec 6 - Final regulations pending OIRA review, section 965 transition tax

Dec 5 - KPMG report: Tax planning guide 2019, for individual taxpayers

Dec 4 - Proposed foreign tax credit regulations released to Federal Register

Dec 4 - Proposed regulations pending OIRA review, gain or loss from sales of U.S. partnership interests

Dec 3 - KPMG report: Insurance industry implications of proposed regulations under section 163(j)

 

Read previous editions of TaxNewsFlash-Tax Reform

To read industry or sector-specific reports about provisions in the new tax law, visit the TaxNewsFlash-Tax Reform webpage.