President-elect Joe Biden has proposed a number of significant changes in the tax laws that will effectively increase taxes on households with more than $400,000 in income, as well as raise corporate taxes and make other changes that will effectively reverse a number of tax provisions from the 2017 Tax Cuts and Jobs Act. Whether those changes will happen will most likely be impacted by which political party has control over the U.S. Senate which will be determined in January of 2021 when the State of Georgia conducts the run-off election for the two Georgia U.S. Senate seats.
In anticipation of these potential changes, we have developed a summary of several key proposals that you may want to review before the end of 2020 to see if there are any tax planning considerations available.
Please contact Joseph R. Kane, Senior Counsel, at 412-258-6751 if you have any questions or would like to discuss potential impact on your particular personal or business circumstances.
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