As of August 2021, because Capitol Hill has yet to agree on funding, the timeline is still anyone’s guess.
In the Green Book, which is the White House’s policy wish list, their goal is to increase long-term Capital Gains significantly. Even though we can’t speak to the timeline yet, tax increases are top of mind for most business owners due to the proposed increases.
From the standpoint of gifting assets, the timeline to complete the process by the end of the year is very close. Valuation firms, attorneys, and other key advisors required to complete the process are in high demand and are becoming log jammed with activity.
In this episode of the “What’s Up with Biden’s Proposed Tax Changes,” Kevin Gilbreath, a tax partner with Crowe, and our very own succession planner, Jeff Bannon shares what may or may not influence tax increases and how to prepare for the upcoming changes.
For more on this topic, check out the other episodes:
Leverage our Succession Readiness Survey. A 7-minute investment in time will put you in an informed position of opportunities many business owners overlook impacting business value, growth, lifestyle, and ultimately achieving your vision.
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