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From IMA member Baker Tilly . . .

As we near the middle of the year, you should expect numerous regulatory developments but little legislative action since Congress is basically on pause for the election year. After that, it all depends on the outcome of the November election. Not only will 2017 bring a new president, a change in control of one or both chambers of Congress is possible. However, no matter which party controls the Senate, neither one is likely to have a filibuster or veto-proof majority, meaning some compromise will be required to advance significant legislation.

With this in mind, we focus our midyear update on legislative and regulatory developments; those that have already occurred in 2016 as well as what we expect to happen between now and year-end. We first take a brief look at the presidential candidates’ positions on income taxes, then recap Affordable Care Act (ACA) reporting, and end with an update on state and local tax trends and international tax changes.

Tax planning should be addressed throughout the year and be an integral part of financial planning. As always, we encourage you to contact your Baker Tilly advisor to discuss how these issues affect your tax position.

Download the 2016 midyear planning update here.

Source: Baker Tilly