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President Biden’s Tax Proposals: A First Look at the Pending Storm

PRESIDENT BIDEN'S TAX PROPOSALS: A FIRST LOOK AT THE PENDING STORM

Cost Free
Presentation Length 1.0 hour

Recorded DateNovember 12, 2021
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Series: Taxes
Course Description

President Biden announced his individual tax proposals this week, which will potentially include a 39.6% long-term capital gain rate, gain realization at death and for gifts, along with significant changes to the estate, gift, and GST provisions of the tax law.

Join Bob Keebler for a first look at these critical new developments, including the following:

Income Tax Changes:


  • Understanding the 39.6% LTCG tax rate when income exceeds $1,000,000 and how to plan

  • Increase in the ordinary tax rate to 39.6% and what to do now

  • Reduction in the benefit of itemized deductions, retirement contributions, and charitable gifts

  • Increase in Social Security taxation for those earning over $400,000

  • Return of the PEASE limitation

  • Potential of market-to-market taxation

  • Best planning ideas in 2021, including timing ideas, charitable gifts, harvesting gains, and Roth conversions

  • Using charitable remainder trusts to smooth out income

  • IRC §453 sales to control capital gains


Estate and Gift Changes:


  • Decreases in the gift and estate tax exemptions and GSTT exemption

  • Increases in the estate tax rates

  • Elimination of GRATs and IDGT sales

  • Reduction in valuation adjustments

  • Changes to the GST rules

  • Inclusion of IDGTs at death

  • Planning strategies to address now


Gain Realization Provisions:


  • Gain realization at death and gift, including 2021, explained

  • Planning with charitable trusts to mitigate gain realization

  • Exemptions and exceptions to the general gain realization rule

  • Taxation of gifts to charity and CRTs

  • Understanding the 21- and 30-year gain rule for existing and new trusts

  • Taxation of 2021 gifts?

  • Will the gain realization tax cause citizens to expatriate?

  • New IRC §6168 payment election


Learning Objectives:


  • Name the tax proposals of President Joe Biden 

  • Identify potential income tax changes, estate, and gift tax changes, and gain realization provisions 

  • Determine how these proposals may impact you and your clients 

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Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA is a partner with Keebler & Associates, LLP, and the current chairman of the AICPA Advanced Estate Planning Conference. In 2007 he was inducted into the Estate Planning Hall of Fame of the National Association of Estate Planners & Councils. CPA Magazine has also named him one of the top 100 most influential practitioners in the United States and one of the top 40 tax advisors to know during a recession. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration. 

 

Mr. Keebler frequently represents clients before the National Office of the Internal Revenue Service (IRS) in the private letter ruling process and estate, gift, and income tax examinations and appeals. He has received more than 200 favorable private letter rulings, including several key rulings of “first impression.” 

 

He is the author of over 100 articles and columns and is the editor, author, or co-author of many books and treatises on wealth transfer and taxation. Mr. Keebler has been a speaker at national estate planning and tax seminars for over 20 years, including the AICPA’s: Estate Planning, High Income, Advanced Financial Planning Conferences, ABA Conferences, NAPEC Conferences, The Notre Dame Estate Planning Conference, and the Heckerling Estate Planning Institute.

 

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About Our Presenter

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At Keebler & Associates, we are nationally recognized tax professionals in family wealth transfer, estates and retirement distribution planning. We provide tax and estate planning to high net worth individuals and families and educate financial, tax and estate professionals on cutting edge tax strategies.