Tax rates

The Treasury Secretary-designate said she would work with lawmakers to fast-track a series of tax increases on corporations and wealthy Americans.

Given the size and number of tax changes proposed by the Biden administration, it’s no wonder advisors face challenges in helping clients prepare for the year ahead.

Even with just a few days remaining in 2020, a trustee can still employ tax-saving strategies.

Concerns about rising tax rates under the incoming Biden administration are a major factor.

Among other things, an evenly divided Senate represents a significant hurdle.

Clients don’t want to be on the wrong side of any potential changes to tax law.

The outcomes of two elections in Georgia that are scheduled for Jan. 5 are expected to determine the balance of power in the Senate and may also have an impact on the kind of tax planning that accountants should be advising their clients to do.

Tax policy for the next two years, and therefore tax planning strategies, may be determined in Georgia early next year.

Biden’s win brings some clarity, but the uncertain state of the Senate leaves questions.

The president-elect's pledge to repeal President Donald Trump‘s tax cuts as soon as he is inaugurated may be stymied for the foreseeable future.