For years, Republican congressional and presidential candidates have run on a platform of repealing the Patient Protection and Affordable Care Act (PPACA), or ObamaCare as it is commonly called. With the election of Donald J. Trump, repeal of the law is within reach and Republicans have indicated that undoing the signature healthcare law is going to be a top priority within the first 100 days after President Trump takes office.

Last year, the Internal Revenue Service was able to collect $6.3 billion in unreported income, fines, and penalties from taxpayers who did not pay all taxes due. Much of the unreported income came from audits of wealthy individuals. As of 2013, close to 25 percent of taxpayers with adjusted gross income above $10 million are audited annually.  Targeting the wealthiest individuals for investigations tends to result in the IRS being able to collect large sums of money from taxpayers who underpaid significantly.

Recently, a report in the Washington Examiner warned that the Internal Revenue Service is targeting small businesses with unnecessary tax audits. In September, the U.S. House of Representatives Small Business Committee held a hearing to look at how the IRS is treating small business owners. One tax preparer who testified before the audit indicated the actions of the IRS essentially involve putting small businesses “through the wringer.”

Countries throughout the world are making increased efforts to collect revenue.  Leaks such as the Panama Papers and concerns about income inequality are driving countries to work harder than ever to make sure that wealthy people cannot evade tax obligations by moving money offshore. An increasing number of multinational corporations that can keep money in jurisdictions with favorable tax rules have also resulted in concerns about tax avoidance, as well as tax evasion.

In today's world, big companies are often global companies -- which can create tax issues. Corporate tax avoidance is a concern of taxing authorities who want to make sure that businesses do not make strategic decisions on where to declare and keep income that deprives countries of needed revenue. Companies also need more certainty on tax laws across different jurisdictions, especially if there is a threat of retroactive penalties being imposed.