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Tax Reform – KPMG Report on New Tax Law

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Tax Reform – KPMG Report on New Tax Law Tax Reform – KPMG Report on New Tax Law Analysis and observations February 6, 2018 kpmg.com Introduction On December 22, 2017, the president signed into law H.R. 1, originally known as the Tax Cuts and Jobs Act. The new law (Public Law No. 115-97) represents the culmination of a lengthy process in pursuit of business tax reform over the course of more than 20 years. The legislation includes substantial changes to the taxation of individuals, businesses in all industries, multinational enterprises, and others. Overall, it provides a net tax reduction of approximately $1.456 trillion over the 10-year “budget window” (according to estimates provided by the Joint Committee on Taxation (JCT) that do not take into account macroeconomic/ dynamic effects). © 2018 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. NDPPS 733108 Highlights include: A permanent reduction in the statutory C corporation tax rate to 21%, repeal of the corporate alternative minimum tax (AMT), modifications to the rules for expensing capital investment, limitation of the deduction for interest expense, and a multitude of other changes to the corporate tax rules Fundamental changes to the taxation of multinational entities, including a shift from a system of worldwide taxation with deferral to a hybrid territorial system, featuring a participation exemption regime with current taxation of certain foreign income, a minimum tax on low-taxed foreign earnings, and new measures to deter base erosion and promote U.S. production Significant changes relevant to the taxation of tax-exempt organizations, insurance businesses, financial institutions, regulated investment companies (RICs), and real estate investment trusts (REITs) A temporary new deduction for certain individuals, trusts, and estates with respect to “domestic qualified business income” of passthrough entities and sole proprietorships Temporary reductions in the individual income tax rates, accompanied by new limits on itemized deductions (such as the deduction for state and local taxes), other temporary changes to the individual income tax rules, and a more restrictive permanent cost-of-living bracket adjustment Permanent repeal, in effect, of the individual mandate in the Patient Protection and Affordable Care Act. This report includes analysis and observations regarding the myriad tax law changes in H.R. 1. This report also includes discussions of (1) the impact of the new law on various industries (including RICs, REITs, insurance, natural resources, and financial services); (2) potential state and local tax implications of the law changes; and (3) financial accounting considerations. This report is based on the new law as enacted on December 22, 2017. Although parts of the report may reference some developments that occurred between enactment and the date this report “went to press” on January 15, 2018, this report does not reflect all developments after enactment, including possible administrative guidance, judicial decisions, or future legislative developments. To read KPMG’s reports and coverage of subsequent developments, see TaxNewsFlash-Tax Reform and TaxNewsFlash-United States. This is one of a series of reports that KPMG prepared as tax reform moved through various stages of the legislative process. Throughout this report, links to background and resource documents appear in blue type. If you are using a hard copy of this report, visit www. kpmg.com/us/new-tax-law-book for a list of live links to these materials. © 2018 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent Tax Reform – KPMG Report 1 member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. NDPPS 733108 on New Tax Law Contents Executive summary Recent milestones 8 Impact of reconciliation rules on size and substance 10 Technical highlights 10 Effective dates and temporary provisions 15 In general 15 Effective dates for fiscal year filers – Code section 15 16 Possible need for subsequent clarifications 17 Practical considerations 18 Documents 19 Individuals Ordinary income tax rates – in general 21 New indexing method 23 Filing status, standard deductions, and personal exemptions 23 Reform of the child tax and qualifying dependents credits 24 Treatment of business income and losses of individuals 25 Tax rates on capital gains and dividends 25 Suspension and reform of certain itemized deductions and income exclusions 25 Deduction for taxes (including state and local taxes) not paid or accrued in a trade or business 26 Suspend and modify deduction for home mortgage interest and home equity debt 26 Increased percentage limitation for certain charitable contributions 27 Modify deduction for personal casualty and theft losses 27 Suspension of miscellaneous itemized deductions subject to the 2% floor 28 Suspension of overall limitation on itemized deductions (“Pease” limitation) 28 Suspension of exclusion for qualified bicycle commuting reimbursement 28 Suspension of exclusion for qualified moving expense reimbursements 28 Suspension of deduction for moving expenses 29 Modification to the limitation on wagering losses 29 Modification to individual AMT 30 Estate, gift, and generation-skipping transfer tax 30 © 2018 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. NDPPS 733108 Other 31 Temporary reduction in medical expense deduction floor 31 Allow increased contributions to ABLE accounts, and allow contributions to be eligible for saver’s credit 31 Rollovers between qualified tuition programs and qualified ABLE programs 31 Combat zone tax benefits to Armed Forces in Sinai Peninsula of Egypt 32 Exclude income from the discharge of student debt 32 Modification of education savings rules (529 plans) 32 Relief for 2016 disaster areas 32 Repeal of deduction for alimony payments and corresponding inclusion in gross income 33 Eliminate deduction for member of Congress living expenses 33 Excluded House and Senate proposals 33 Affordable Care Act – Healthcare Reduce Affordable Care Act individual shared responsibility payment to zero 37 Business – In general Reductions in corporate tax rate and dividends received deduction 38 Corporate AMT 40 Modified net operating loss deduction 41 Revisions to treatment of capital contributions 43 Cost recovery 44 Modification of rules for expensing depreciable business assets 44 Temporary 100% expensing for certain business assets 44 Requirement to capitalize section 174 research and experimental expenditures 46 Modifications to depreciation limitations on luxury automobiles and personal use property 46 Modifications of treatment of certain farm property 47 Applicable recovery period for real property 47 Expensing certain citrus replanting costs 48 Business-related deductions, exclusions, etc. 48 Limitation on the deduction of net business interest expense 48 Repeal deduction for income attributable to domestic production activities 52 Modify tax treatment of certain self-created property 52 Repeal of rollover of publicly traded securities gain into specialized small business investment companies 53 Limits on like-kind exchange rules 53 Limitation of deduction by employers of expenses for entertainment and certain fringe benefits 54 © 2018 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent Tax Reform – KPMG Report 3 member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. NDPPS 733108 on New Tax Law Unrelated business taxable income increased by amount of certain fringe benefit expenses for which deduction is disallowed 55 Repeal of deduction for local lobbying activities 55 Deny deduction for settlements subject to a nondisclosure agreement paid in connection with sexual harassment or sexual abuse 55 Accounting methods 56 Certain special rules for tax year of inclusion 56 Small business accounting 58 Business credits 60 Modification of credit for clinical testing expenses for certain drugs for rare diseases or conditions 60 Modification of rehabilitation credit 60 Employer credit for paid family and medical leave 60 Miscellaneous business provisions 61 Qualified opportunity zones 61 Alaskan Native Corporation payments and contributions to settlement trusts 62 Aircraft management services 62 Expand nondeductibility of certain fines and penalties 63 Compensation Modification of limitation on excessive employee remuneration 65 Treatment of qualified equity grants 66 Excise tax on excess tax-exempt organization executive compensation 68 Retirement savings Repeal of special rule permitting recharacterization of IRA contributions 71 Extended rollover period for the rollover of plan loan offset amounts 71 Modification of rules for length of service award plans 71 Passthrough
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