Thomson Reuters Issues Report on Key Tax Developments of 2016

Thomson Reuters has released a report, 2016 Retrospective on Key Tax Developments, which provides an update on significant Federal tax developments in 2016, including tax laws, regulations, rulings, significant case law and other guidance.

“There were many tax developments in 2016—particularly in the form of new regulations, some of which were extremely complex,” said Catherine Murray, senior tax analyst with the Thomson Reuters Tax & Accounting business. “Tax professionals are also dealing with the uncertain fate of a number of tax provisions that are currently in effect only through the end of the year—so-called ‘extender’ provisions—that were not addressed by Congress prior to adjourning.”

The comprehensive report covers more than 20 tax topics, including transfer taxes, education incentives, retirement plans, and foreign income and transactions. It addresses tax provisions scheduled to expire at the end of the year as well as those subject to a gradual phase-out. It also provides both 2016 and 2017 figures for many of the tax provisions that are annually adjusted for inflation to facilitate return filing and tax planning in the coming year.