The House Ways & Means Committee recently released its proposed 2021 tax reform legislation. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, covers the changes being considered that would impact income tax planning, including:
Funding the IRS and using tax reform to improve social safety nets
Additional childcare credits and other dependent care, childcare, and caregiver provisions
Increases to the individual income tax rate, capital gains rate, and 3% surtax over certain thresholds
Expansion of NIIT to business income when over certain thresholds
Cap on the qualified business income deduction under 199A
Wash sale rules applying to cryptocurrency
Executive compensation deduction limited to 1M deduction and other business reforms
Credits for electric vehicles
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This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.
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