United States

2016 year-end tax considerations for businesses

Legislative changes and other tax concerns that may impact planning

INSIGHT ARTICLE  | 

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Tax planning was a little more settled in 2016 than it has been for the past several years. As a result of the passage of significant tax legislation at the end of 2015 dealing with the so-called tax extenders, businesses do not find themselves guessing what the rules might be for such key provisions of tax law as the research and development (R&D) tax credit and depreciation. At the same time, during this past year states and local governments continued to change tax rules around the country while international tax rules continued their never-ceasing march toward greater complexity.

As we head toward the end of 2016, speculation over tax extenders has been replaced by speculation over fundamental tax reform. President-elect Donald Trump has a detailed tax plan that includes lowering both corporate and individual tax rates and revamping the international tax system. In addition, the House Republicans released a significant series of tax proposals in June. Although both plans are more alike than they are different, some negotiation will have to occur to reconcile the differences. In addition, both major proposals leave some unanswered questions as to the future of certain business and individual deductions if the tax base is broadened when the rates are lowered. It is anticipated that Congress and the new administration will make tax reform a top priority early in 2017 but there are many other important issues facing the country as well. 

Given these changes and the uncertainty of the future, we’ve compiled these tax considerations designed to help companies make informed decisions related to year-end tax planning. In an increasingly complex and uncertain world, planning becomes all the more important.

Our 2016 year-end guide includes information on the following (and more):

  • Deduction and revenue planning
  • New accounting method procedures
  • Affordable Care Act updates
  • Permanent and expiring tax provisions
  • New filing deadlines
  • Corporate and transactional planning
  • Cost-sharing agreements
  • Intercompany loan planning
  • BEPS and country-by-country update
  • New partnership audit rules
  • Shared services consolidation
  • Credits and incentives compliance

Download the 2016 year-end tax considerations for businesses guide today. 



This 2016 year-end review is a collaboration of our Washington National Tax team and was curated by Trina Pinneau.  
Trina Pinneau

Manager

Trina consults on a range of federal tax credits and incentives issues and serves as an instructor for RSM’s tax training programs. Reach her at trina.pinneau@rsmus.com.

Areas of focus: Federal Credits & IncentivesWashington National Tax

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