Biden Administration’s Proposed 2023 Budget Plan Calls for Corporate & High-Net-Worth Individual Tax Hikes

 

The Biden administration’s fiscal year 2023 budget blueprint, released on March 28, consists of a mix of familiar proposals and brand-new initiatives that reflect the President’s policy objectives. The proposals are described in more detail in the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals, commonly referred to as the “Green Book,” that was released with the budget, and include the President’s now familiar calls for increasing the top corporate tax rate to 28% and the top individual rate to 39.6%.

Among the new proposals, the minimum tax on high-net-worth individuals has garnered considerable press attention.

These proposals, as well as others that have not been closely scrutinized, are described in more detail below.

Corporate Tax Proposals

Raise Corporate Income Tax Rate to 28%

C corporations, unlike an S corporation, the […]

By |August 2nd, 2022|Categories: Announcements, Business Tax, Individual Tax, IRS, Trusts and Estates|Comments Off on Biden Administration’s Proposed 2023 Budget Plan Calls for Corporate & High-Net-Worth Individual Tax Hikes

Dual Residency and Double Taxation Dilemma for Remote Workers

2020 brought into focus residency rules for remote workers, who ended up staying in “temporary” locations, like vacation homes, for longer than expected.   The following article provides an analysis of situations where individuals may become residents of two states simultaneously and potentially subject to dual taxation.

For more information click here.

By |June 22nd, 2021|Categories: Individual Tax|Comments Off on Dual Residency and Double Taxation Dilemma for Remote Workers

2018 – 2019 Tax Planning Guide

With the end of the year rapidly approaching, we are once again reaching out to share our annual Tax Planning Guide with you. The 2018/2019 Tax Planning Guide is available here www.webtaxguide.net/Bregante.

The Tax Cuts and Jobs Act (TCJA), passed in December 2017, included sweeping tax law changes that will impact individuals and businesses including:

  • Small decreases in most individual income tax rates, elimination of personal exemptions but increased standard deductions depending on filing status, higher exemptions for alternative minimum tax (AMT) which should significantly decrease the number of individuals subject to AMT, increase in the child tax credit and special federal tax breaks for income individuals receive from pass-through entities such as partnerships, limited liability companies and S corporations.
  • Elimination of or limitations to several personal tax breaks […]
By |December 6th, 2018|Categories: Announcements, Business Tax, Individual Tax, Nonprofit Organizations, Real Estate|Comments Off on 2018 – 2019 Tax Planning Guide
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