
Carrying forward
With that in mind, Accounting Today contributing tax columnists George Jones and Mark Luscombe of Wolters Kluwer put together a Top 10 list of changes from 2016 that will carry over into 2017.

No. 1: The Trump administration
The extent to which overall taxes are reduced depends upon a variety of variables, including a desire for comprehensive tax reform, concern over budget costs, and a willingness to include Democrats at the negotiating table. Prior work in Congress on tax reform in 2016 has formed a foundation of data that will be drawn upon as bill language is negotiated and drafted.

No. 2: Debt vs. equity

No. 3: Partnership strategies

No. 4: New partnership audit regime

No. 5: Section 355 spins
In the following month, some good news: After more than 13 years on the no-rule list, the IRS reinstated two areas relating to distributions of stock of controlled corporations under Code Section 355.

No. 6: BEPS

No. 7: Estate tax valuation/basis reporting
At the same time, new regs on consistency in basis reporting had been put off and put off, and put off again – but no further. The due date for filing initial a Form 8971 will be within 30 days of filing Form 706.

No. 8: The sharing economy

No. 9: Passive activity losses

No. 10: Legislation and the lack thereof
What did pass? The 21st Century Cures Act allows certain small businesses to offer health reimbursement accounts without running afoul of the ACA; the Olympians and Paralympians Act helps winners with their taxes (though maybe not Michael Phelps, pictured above, since it applies to those with less than $1 million in AGI); and the Trade Facilitation and Trade Enforcement Act increases the penalty for failure to file a return effective for returns required to be filed in calendar years after 2015.