Insights

Employee or Independent Contractor Status Clarified Further by The U.S. Department of Labor

Corporate Transparency Act Ruled Unconstitutional. The Impact On Beneficial Ownership Information Reporting.

Reminder of Annual Election of New York State and New York City Pass-through Entity Tax (PTET)

House Passes Bill Expanding Child Tax Credit and Business Breaks

Key Bullet Points of President Biden’s Tax Plan

Below are the key bullet points of President Biden’s recently proposed tax plan. It is important to note that the plan could still see major changes in Congress before it is finalized:

  • Increase the top individual tax rate to 39.6%.
  • Increase the preferential rates for dividends and capital gains to 39.6% for taxpayers earning over $1 million.
  • Disallowing a “step-up in basis” for gains in excess of $1 million ($2.5 million per couple) for an individual’s estate.
  • Permanent extension of the current limitation that restricts large, excess business losses.
  • Disallowance of the deferral of gains from like-kind exchanges for gains greater than $500,000.

The information presented here should not be construed as legal, tax, accounting, or valuation advice. No one should act on such information without appropriate professional advice and after a thorough examination of the particular situation.