A change of control in the White House next year could signal drastic changes to the taxpayer-friendly provisions created by the Tax Cuts and Jobs Act (TCJA) of 2017. The construction industry – known for its many tax deferral strategies, pass-through entities and year-end owners bonuses – will be particularly affected.
Our Construction and Tax professionals hosted a live video session on Monday, October 26 to discuss how a Biden win could impact your tax strategies and how you can plan ahead for a myriad of uncertainties, that included:
- Possible loss of Section 199A deduction
- Impact of raised income tax brackets on tax deferral strategies
- Changes to payroll taxes for highly compensated employees and owners
- Proposed increase in C Corporation tax rates
- Return to pre-TCJA estate and gift tax exemption and rates