BNA Bloomberg provides a good overview of what’s on the horizon in terms of tax and accounting changes in a white paper. It includes insight into the potential implications of the revamped tax code that President-elect Donald Trump and House Republicans have promised to make a top priority in the first 100 days of the new administration. The report also examines the state tax front, including the campaign that is growing to do away with the U.S. Supreme Court’s 1992 standard for when states can impose sales and use taxes. The closely watched expected accounting standard on credit losses is also examined, which could affect banks and their bottom line.
Sec. 2704: The report also says that the pervasive thought on Capitol Hill and among trade groups is that the controversial proposed estate tax rules on valuation discounts could get pulled when Trump takes office, but it is unclear whether they will disappear for good.
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