Taxpayers should be aware of important—but sometimes overshadowed—domestic provisions changed by tax reform.
The U.S. tax law—Pub. L. No. 115-97—included a number of “headliner” provisions. However, there are quite a few other provisions of which taxpayers should at least be aware. Among them, changes to the tax treatment of government grants, like-kind exchanges, specified liability losses, small business provisions and employee benefits. Although these provisions do not have the sweeping breadth of some others, they can be equally important for those taxpayers to whom they do apply
Read an April 2019 report [PDF 111 KB] prepared by KPMG LLP: What’s News in Tax: In Case You Missed It: “Other” Provisions of the TCJA that discusses some of the “other” provisions in the income tax and accounting and employee compensation and benefits areas.
© 2019 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.KPMG International Cooperative (“KPMG International”) is a Swiss entity.
Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.