Taxpayers should review guidance as year end approaches

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December 2019

Overview

2019 was an eventful year that saw the IRS and Treasury issue a number of important regulations and other published guidance under the 2017 tax reform act.  This Insight summarizes many of those developments and other tax issues and provisions.  It also discusses approaches that taxpayers may consider to help maximize (in the case of positive provisions such as bonus depreciation) or minimize the impact of tax reform.  With year-end approaching, taxpayers may want to review how these developments and approaches may affect their businesses.

The takeaway

Although some issues and uncertainties remain, the IRS and Treasury issued a multitude of guidance in 2019 that contributed to road maps for taxpayers to comply with tax reform and other tax provisions.  With year-end approaching, taxpayers should review their methods of accounting both for compliance and to consider approaches that may result in positive tax benefits.

Contact us

Christine Turgeon

Partner, Federal Tax Services Leader, PwC US

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