YEAR-END TAX PLANNING UNDER A BIDEN PRESIDENCY
Although vote counting continues and legal challenges to the election endure, many news media organizations have projected that former Vice President Joe Biden will become the 46th President of the United States on January 20, 2021.
The House of Representatives will remain under Democratic control, but control of the Senate is somewhat less certain since the balance of power will be determined in January 2021 following a run-off election for two open Senate seats in Georgia. The run-off is necessary because neither of the candidates in either of the races obtained more than 50% of the total vote count as required by the state’s election law. A win by the two Democratic candidates would shift the balance of power in the Senate from one of GOP control […]