Did you realize the U.S. income tax code has not had a major overhaul since 1986?
Now that the Affordable Care Act reform effort appears to be behind us, Washington has indicated an area of focus on tax reform.
What will it look like? That is tough to say.
I’ll do my best to summarize various items that have been discussed. Keep in mind that you should only make tax planning moves and implement tax strategies around the current tax code, not guess the future.
Some of the proposals include:
There will be some challenges related to implementing tax changes. As you know, there have been challenges in Washington of arriving to consensus. Will all the necessary parties get on the same page?
In addition, the tax proposals - along with the proposed budget - will most likely need to be revenue neutral. Technically a budget doesn’t have to be, but it is a much more difficult process if it is not, and would stray from core principals of not increasing the deficits.
My goal today was to update you on potential tax law changes. If you have any questions, concerns or feedback, please feel free to reach out to me.Adam Shay, CPA (N.C. License Number 35961), MBA, is managing partner of Adam Shay CPA, PLLC. He focuses on minimizing taxes and improving the financial results of entrepreneurs, and is actively involved in supporting the Wilmington entrepreneurial and startup community. For more information, visit http://www.wilmingtontaxesandaccounting.com/ or email him at [email protected]. He can also be reached by phone at (910) 256-3456.
Christina Haley O'Neal - Nov 23, 2020
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