The Biden administration has announced details regarding two major legislative initiatives, and it’s important to stay informed on how these initiatives could affect you. The tax proposals would impact individual, corporate, and international taxes. A challenging legislative process is expected as Congress deliberates these proposals.
Stay informed with updates from our team of tax experts as we help guide you through this complex environment.
The American Families Plan would include income tax increases for high-income taxpayers but doesn’t make changes to the estate tax. However, several congressional proposals target transfer taxes and could still be incorporated into a tax reform bill.
Unless legislative action is taken before December 31, a provision in the Tax Cuts and Jobs Act will take effect that requires Section 174 research expenses be amortized over multiple years instead of deducted in the year incurred. Learn more.