1. What is the most significant change to your region/jurisdiction’s tax legislation or regulations in the past 12 months?
The enactment of the Inflation Reduction Act (IRA) in 2022 and related regulations continue to be the most significant changes impacting the area of tax that I operate in. The legislation – which marked a significant shift in US tax policy – included several key tax provisions aimed at addressing healthcare affordability and corporate taxation.
2. What has been the most significant impact of that change?
The IRA included provisions that affected individuals and businesses. Some of the largest impacts include:
A 15% corporate minimum tax;
A 1% excise tax on stock buybacks;
An extension of Affordable Care Act subsidies; and
An enhanced R&D tax credit for certain small businesses.
3. How do you anticipate that change impacting your work and the market moving forwards?
As with any new legislation, the impacts of the IRA and its regulations introduced new provisions and changes that require tax practitioners to stay informed, help our clients adapt their strategies, and provide guidance that is comprehensive (versus singularly focused). Additionally, given that the current administration has indicated its desire to alter many of these provisions, our work moving forward must include thorough exercises in scenario/strategic planning as we continue to navigate the changing tax landscape.
4. How has this changed the way you offer tax advice?
Tax practitioners need to have more frequent contact with clients as many are working on how 2024 tax laws impact their 2024 tax reporting, while also having to understand possible changes from the new administration and the new Congress.
5. What potential other legislative/regulatory changes are on the horizon that you think will have a big impact on your region/jurisdiction?
Regardless of the type of tax you practise, everyone is paying close attention to the 2025 tax policy debate in Congress. The potential repeal of current IRA provisions combined with the sunsetting of provisions of the Tax Cuts and Jobs Act (TCJA) will no doubt impact almost every organisation and individual in the country.
6. What are the potential outcomes that might occur if those changes are implemented?
The Trump administration and congressional Republicans have indicated their hope for a long-term or permanent extension of marquee TCJA provisions such as the reduced income tax rates for individuals, increased exemptions for the individual AMT [alternative minimum tax] and the estate and gift tax, doubling the child tax credit, the increased standard deduction, and the 20% deduction for pass-through business income.
7. Do you think that change will have a positive effect on both your practice and the wider regional/jurisdictional market?
Tax advisers and stakeholders will need to stay informed about all the possible tax legislative changes.
8. How are issues surrounding the taxation of the digital economy affecting your work?
Taxation of the digital economy is complex and continues to evolve. The digital economy's borderless nature poses challenges in determining tax jurisdictions. This will be an ongoing global conversation.
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