Careers

Experiences

Industries

Offices

Our Firm

Pages

Our People

Updates

Practices

Home - Warner Norcross + Judd LLP

Could we see tax law changes this year? Many tax law bills have been proposed, and President Joe Biden has indicated that he wishes to fund his spending packages by raising taxes on companies and on people earning over $400,000 per year, increasing capital gains taxes, and taxing more of the wealth that is passing to successive generations at death.

contentpilot/introduction

When this issue went to press, no significant tax changes have been enacted yet this year, but plenty of discussion is occurring in Congress. Below we have summarized the potential tax law changes that could impact your current planning such that you may need to consider altering a current tax strategy or amending your estate plan.

core/paragraph

Payroll and Income Taxes

core/heading

core/list

Charitable Tax Deductions

A proposal has been introduced recently which would limit a donor’s ability to deduct the full value of a gift to a donor-advised fund, and would change the rules that govern taxes, distributions and donor privacy for private foundations. See our blog post on this proposal <a href="https://www.wnj.com/Blogs/Private-Client-and-Family-Office-Blog/July-2021/The-ACE-Act-Aims-to-Change-DAF-and-Private-Foundat" target="_blank" rel="noreferrer noopener">here</a>.   Given how late in the year it is, it seems unlikely that tax law changes enacted in 2021 would be effective retroactive to January 1, 2021. However, it’s still possible that certain tax changes could be added to fast-tracked bills and become effective before the end of this year. In light of this uncertainty, you should consider now how the proposed changes listed above might affect you and whether it would be prudent to implement certain planning strategies sooner rather than later.

Partner

Beth L. O’Laughlin

Tax Planning

Trusts and Estates

What 2021 Tax Changes Could Mean For You

The Warner Norcross + Judd LLP lawyer responsible for the contents of our advertising and this website is managing partner <a href="/people/mark-j-wassink/" aria-label="Mark Wassink">Mark Wassink</a> who can be reached at <a href="mailto:mwassink@wnj.com" aria-label="email Mark Wassink">mwassink@wnj.com</a> or 616.752.2189. Please read our full <a href="/privacy-policy/" aria-label="see privacy policy">privacy policy</a> available on our website.

What 2021 Tax Changes Could Mean For You

professionals