Good news for Finance: At least for a little while, IRS is holding off on new rules and guidance, meaning no big changes are currently in store.
That’s from a Feb. 13 announcement that explained it’ll comply with President Trump’s recent regulation-reducing Executive Order.
For the foreseeable future, the Service won’t release new formal guidance – including revenue rulings and revenue procedures.
It will, however, still release private letter rulings and routine guidance like quarterly interest rates and mileage rates for travelers.
Here comes the bad news: Jeffrey LeSage, a vice chairman at KPMG, doesn’t think employers are in the clear.
In fact, he thinks 2017 is primed for tax changes – and Finance needs to stay ready.
LeSage recently laid out a few ways you can stay ahead this year. Here’s what he recommends:
1. Take a fresh look at your tax data. LeSage says there’s an increased chance of being audited.
Now that another year-end is wrapping up, it’s a good time to review what went well and what didn’t.
Using this info, you can develop new strategies for W-9s, 1099s and more for 2017. (Visit our website to search terms like “year-end” for ideas.)
You’ll also want to review your tax data to make sure it’s accessible for auditors. If it’s hard to get into, you may want to consider reorganizing it physically or in a digital format.
2. Educate yourself on taxes. When the tax changes do eventually come, you’ll want to be ready. Use IRS’s downtime as a chance to compile your own folder of tax rules crucial to your team.
3. Don’t get too comfortable. LeSage says the chance of major tax changes is higher than its been in decades, thanks to the current state of the White House and Congress.
Your team should regularly review the news together to stay ready.
Of course, we’ll always keep you informed of the latest changes.