The Future of the U.S. Tax Code

 

Although President Donald Trump signed the Republican tax reform bill into law on Dec. 22, 2017, the tax reform story is far from over. Further legislation will likely be needed to correct and modify the rules, and subsequent bills will require 60 votes to pass in the Senate—and thus the support of at least some Democrats. The Treasury Department and the IRS will also play major roles in shaping the impact of the new rules through regulations and other guidance. Our editors, reporters, and network of leading practitioners are tracking, reporting, and providing insights and analysis on developments as they unfold.

For reform updates relating to specific areas of tax, select one of the topics on the left.

To catch up on the major events that have happened so far, check out the Tax Reform Tracker, below.

News | Special Reports | Podcasts | Media Coverage | Tax Reform Tracker



NEWS

Should Bitcoin Investors Become ‘Traders’ for Tax Purposes?

The new tax law’s elimination of miscellaneous itemized deductions has bitcoin investors asking whether they should re-categorize themselves as “traders” for tax purposes—but they may want to proceed with caution.

When the Corporate Rate Kicks In for Fiscal Year Companies: A Primer

The lower corporate tax rate under the new tax law spurred some confusion for corporations whose taxable years don’t begin on Jan. 1.

Repatriation Tax on Derivatives: Hard on Financial Companies?

U.S. financial companies may feel the bite of Internal Revenue Service guidance responding to a new tax law provision requiring multinationals to bring overseas money home.

Intangibles Tax in New Law May Change Foreign Reorganizations

Multinational companies could be rethinking some plans for foreign restructuring after Congress moved to treat certain types of overseas corporate value as intangibles under the new tax law, practitioners told Bloomberg Tax.

Help Wanted: A Tax Practitioner’s Post-Tax Reform Wish List

Tax practitioners have several questions about the newly minted tax law and are awaiting guidance on how to interpret many of its provisions.


SPECIAL REPORTS
Tax Reform Roadmap

Roadmap to Key Payroll Provisions of the Tax Cuts and Jobs Act

Federal Tax Reform Impact on States

Industry-Specific Impact of Tax Reform 

NEW!  Impact of the 2017 Tax Act on Individuals

NEW!  Impact of the 2017 Tax Act on Employers

NEW!  Impact of the 2017 Tax Act on Businesses

 


PODCASTS

Getting into the Weeds of the New Tax Law

The Internal Revenue Service and Treasury Department are gearing up to implement the new tax law, a significant undertaking that will be their focus for 2018.

AMT Survival and Pass-Through Provisions: EY Talks Tax Reform

Lawmakers will need to hash out final details on the individual side of the tax code if they want to meet their end-of-the-year deadline to pass tax reform legislation.

Negotiations Begin After Senate Clears Bill

House and Senate lawmakers will begin to reconcile their tax plans this week with the hope of getting a bill to President Donald Trump before the end of the year.

Tax Reform Still Possible by End of Year

Reporter Laura Davison spoke with Talking Tax host Matthew Beddingfield on Nov. 21 about the GOP's chances for successfully passing the tax plan and what difficulties lie ahead.

A Tax Reform Discussion Featuring EY

The Tax Cuts and Jobs Act (H.R. 1) is here, and with it come several considerations for practitioners if the GOP tax reform effort is successful.


MEDIA COVERAGE

Stu Basu on the IRS in 2018

Tax Reporter Stu Basu appeared on Bloomberg Surveillance to discuss the implications of the implementation of the tax reform bill on the IRS as the new year approaches.

Laura Davison on Tax Bill Impacts with Sirius XM

Capitol Hill Tax Reporter Laura Davison spoke with POTUS Politics on the impacts of the recently passed tax bill on U.S. businesses and taxpayers.

Laura Davison on Tax Reform Winners with Bloomberg TV

Capitol Hill Tax Reporter Laura Davison appeared on Bloomberg Markets: The Open where she highlighted the sectors of the economy that could benefit from the new tax law.

Jack Fitzpatrick Discusses the Tax Reform Bill on Bloomberg Surveillance

Bloomberg Government Congressional Reporter Jack Fitzpatrick discusses how the tax reform bill will affect the federal deficit on Bloomberg Surveillance.

Laura Davison on GOP Tax Bill with Bloomberg Radio

Capitol Hill Tax Reporter Laura Davison discusses the doubling of the estate tax deduction on Bloomberg Markets.