Tax News & Views: Health Care Edition

Analysis

Tax News & Views: Health Care Edition

June 2018 | Vol. 12 No. 47

Tax News & Views: Health Care Edition is a timely news summary bulletin authored by the Health Care Industry Group, Deloitte Tax LLP. The newsletter contains highlights from the latest tax developments in health care on Capitol Hill, at the White House, at the Internal Revenue Service, at the Treasury Department and in the courts. It is a valuable resource for tax and other professionals involved in the tax-exempt health care providers and health plans sectors, helping them remain current on tax developments that stand to have an impact on their businesses.

Updated 2017-2018 Priority Guidance Plan Released

On May 9, 2018, the US Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued their third quarter update to the 2017-2018 Priority Guidance Plan (the Plan). The Plan includes 20 projects related to the implementation of the Tax Cuts and Jobs Act, 2 of these projects are specifically related to the provisions for exempt organizations. Of the 20 projects, guidance has been released on 6 projects as of March 31, 2018. The Plan represents projects that Treasury and IRS intend to work on actively during the plan year from July 2017 through June 2018 but does not place any deadline on completion of projects. The following are the exempt organization priority projects related to the implementation of the Tax Cuts and Jobs Act:

10. Guidance on computation of unrelated business taxable income for separate trades or businesses under new § 512(a)(6).

18. Guidance on certain issues relating to the excise tax on excess remuneration paid by “applicable tax-exempt organizations” under § 4960.

The Plan also includes 10 projects related to exempt organizations that are priorities for the plan year. Of the 10 exempt organization projects listed for the current plan year, 9 projects were on the 2016-2017 Priority Guidance Plan. Two of these projects have had guidance published as of March 31, 2018. See the Plan at the link above for a complete listing of these projects.

Tax News & Views: Health Care Edition June 2018

IRS Request Comments on Items to be included in the 2018-2019 Priority Guidance Plan

Treasury and IRS issued Notice 2018-43 which requests public comments on items that should be included in the 2018-2019 Priority Guidance Plan that will cover plan year July 2018 through June 2019. In the Notice, Treasury and IRS state that they expect to continue focusing on guidance for implementing the Tax Cuts and Jobs Act during the remainder of the current plan year as well as the 2018-2019 plan year. Because of this, the Notice provides that a number of projects from the 2017-2018 Priority Guidance Plan will be carried forward to the 2018-2019 Priority Guidance Plan.

Comments should be submitted by June 15, 2018 for inclusion in the original 2018-2019 Priority Guidance Plan. However, Treasury and the IRS invite comments at any time and comments submitted after June 15, 2018 will be used to inform periodic updates to the Priority Guidance Plan. In addition, Treasury and the IRS continue to request letters and comments on specific provisions of the law. These letters and comments are used to inform projects and are considered in formulating guidance. For more information on how to submit comments, please see Notice 2018-43 at the link above.

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Tax Exempt Organization Search Released
On May 7, 2018, the IRS released a new online search tool that is designed to provide faster, easier access to publicly available information related to exempt organizations. This new tool replaces EO Select Check and is designed to provide a more simplified search as well as allowing users to access a wider range of information. The new tool will provide information on an organization’s exempt status, images of newly filed Forms 990, 990-EZ, 990-T, and 990-PF, and images of favorable determination letters. In its original release, limited quantities of filed forms and determination letters will be available; new images of forms and determination letter will be added monthly.

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Additional Resources

Deloitte Center for Health Solutions
The source for health care insights: The Deloitte Center for Health Solutions (DCHS) is the research division of Deloitte’s Life Sciences and Health Care practice. The goal of DCHS is to inform stakeholders across the health care system about emerging trends, challenges, and opportunities.

Health Care Current
Weekly insights to keep you informed and ahead. This weekly series explores breaking news and developments in the US health care industry, examines key issues facing life sciences and health care companies and provides updates and insights on policy, regulatory, and legislative changes.

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Contacts

Rachel Becker
Milwaukee
rbecker@deloitte.com 
+1 414 977 2567

Lori Boyce
Detroit
lboyce@deloitte.com
+1 313 396 3324

Fran Bedard
Nashville
fbedard@deloitte.com 
+1 615 259 1811

Alicia Janisch
Detroit
ajanisch@deloitte.com
+1 313 324 1442

Jeff Frank
Indianapolis
jdfrank@deloitte.com
+1 317 656 6921

Christine Kawecki
Jericho
ckawecki@deloitte.com
+1 516 918 7138

John W. Sadoff, Jr
Atlanta
jsadoff@deloitte.com
+1 704 887 1810

Kristina Rasmussen
Minneapolis
krasmussen@deloitte.com
+1 612 397 4178

Joan McMahon
San Francisco
jmcmahon@deloitte.com
+1 415 783 5568

Steve Rovner 
Tampa
srovner@deloitte.com
+1 813 273 8355

Mary Rauschenberg
Chicago and Washington National Tax
mrauschenberg@deloitte.com 
+1 312 486 9544

Jim Sowar 
Cincinnati
jsowar@deloitte.com
+1 513 784 7242

 

 

 

Upcoming Webcasts

State taxation and US tax reform in a global business environment
Business income and transactions often derive from coordinated activities in hundreds, even thousands, of national and subnational taxing jurisdictions. How do state income and transactional taxes fit in this puzzle, especially in light of US and international tax reforms? Participants will explore ways to navigate an increasingly complex web of tax considerations.

 

US tax reform: Implications for IT departments and executives
The 2017 Tax Cuts & Jobs Act lowers tax rates on corporations and institutes new regulations that corporations must address. What challenges and opportunities could the law represent for IT departments and technology executives? Participants will learn how tax reform might impact IT systems and explore potential tax planning considerations.

 

Digital reality: Is health care ready for AR/VR?
Augmented reality has many practical applications in health care, but it still lacks widespread adoption. Is the industry really ready for augmented and virtual reality (AR/VR)? Participants will learn how to move beyond the cool factor and where AR/VR could be going in health care.

 

Transfer pricing update: Focus on Latin America
In the wake of the OECD BEPS initiative, transfer pricing tax legislation and regulations are evolving across Latin America. What should multinational companies operating there know? Participants will gain a new perspective on BEPS-related changes in transfer pricing tax legislation, regulations, and enforcement activities across Latin America and beyond.

 

Multistate Tax
June 5
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Technology Executives
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Life Sciences & Health Care
June 13
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Transfer Pricing
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