Election Day has arrived and along with the normal part of year-end planning where we look ahead and plan for the future based on the current policy, we must also prepare for what may or may not change in regards to our current tax code. The two major party candidates have vastly different tax proposals, with one keeping things as we know it from the recent tax law changes and the other wanting to change the approach taken since the Tax Cuts and Jobs Act (TCJA).
Whenever an election year comes along it can bring a lot of uncertainty with it. While there are proposals available for review full details of the proposed changes are not always accessible and are subject to significant change. Either way it is important to understand what is being said and follow the developments after election to be prepared for whatever may happen. Some of the discussed changes may have a significant impact to your tax planning strategies not only for business but individuals as well.
The policy proposals addressed in this email only represent some of the many changes that may be proposed after the upcoming election. As the race for presidency begins to close, we would like to encourage you to contact us with any questions or concerns you might have regarding the post-election tax planning.
Please contact Mark Levine with questions you may have or to discuss your year-end planning needs.