Joseph Frabizzio of Robson and Robson. Changes in Taxation Under a New Administration
Given these potential shifts in tax policy that would upend several provisions passed under the Trump administration, this article provides an overview of areas that merit attention from taxpayers and tax planners going into 2021 and, in some cases, ways that tax planning can help mitigate the impact of these potential changes when planning year-end tax strategies.
November 12, 2020 at 01:23 PM
7 minute read
After a long election season, we have at least some clarity regarding control of the presidency and the U.S. Senate. At this point, barring successful litigation or recounts by President Donald Trump's campaign in multiple jurisdictions, Joe Biden is the president-elect. Control of the Senate, on the other hand, will not become clear until Georgia holds its runoff election in early January. Even if Republicans are able to secure a thin majority in the Senate, it is possible that a Biden administration could push its agenda forward by picking up crossover votes among Republicans. In the tax realm, the two parties' plans are strikingly distinct. Given these potential shifts in tax policy that would upend several provisions passed under the Trump administration, this article provides an overview of areas that merit attention from taxpayers and tax planners going into 2021 and, in some cases, ways that tax planning can help mitigate the impact of these potential changes when planning year-end tax strategies.
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