Excellent, objective analysis from the most recent issue of Accounting Today on the challenges faced by preparers and tax planners — and their clients, American taxpayers — due to recent executive orders.
In rushing to get out executive orders in the first week in office to help fulfill campaign promises, the Trump administration has often acted without sufficient forethought and before Trump’s entire team has been approved by the Senate and taken their posts. Hopefully, as the Secretary of the Treasury and other key policy positions in the Treasury take their places, there will be a more careful review of how these executive orders and memoranda should apply in the tax context, with adjustments made accordingly. In the meantime, taxpayers and tax return preparers should probably assume that they will have no effect on 2016 tax return preparation. With respect to 2017, however, we will all have to stay tuned.
Read the full article here: Tax Strategy: What Trump’s executive orders could mean for taxes.