The Next Tax Overhaul

26 Jul 2021 The Next Tax Overhaul

Biden Tax Changes Coming

When it comes to regulatory changes, nothing is permanent. A new administration can move quickly to reverse tax laws created by a previous administration. This is the current environment as the Biden administration is working to advance a range of new tax proposals. Some of these changes are likely to modify the 2017 changes in material ways. Although the proposed changes are not final, we are proactively tracking all potential changes. Our CPAs understand how Washington works. We’ve all been through this before and we are here to help.

Expectations and Planning

The regulatory process is inherently uncertain, but we have insight on the possible new rules. We don’t know when the final version might appear. But we do know a tax overhaul is coming sooner than later. Tax planning will be extremely important this year. We are here to put you in the best possible position to take advantage of new opportunities. Likewise, we can help shield you from new potential pitfalls and liabilities.

Proposed changes in the personal tax world include expansion of the child tax credit program, restructuring of capital gains brackets, and elimination of like-kind exchange deferrals over a certain dollar amount. On the business side, taxpayers could encounter an increase in the corporate income tax rate or changes to the application of Net Investment Income Tax.

Our team is already staying on top of the tax changes. We have technology and training to help us comb through thousands of pages of regulations to best help you. Think of Haynie & Company as your steady and proactive guide as we take on the shifting tax policies together.

Resources

We’ve created a dedicated resource page for all news related to Biden’s potentials tax changes. View Now.

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