Tax Law Insights

President Biden has proposed major changes to the Federal tax laws, some of which are sought to be effective earlier in 2021 (i.e., we are already operating under these changes, if they later become adopted), as compared to the effective date the new tax law changes may be passed by Congress or a later effective date (such as beginning January 1, 2022).  The Biden administration proposals must first be approved by Congress.  As Congress is now considering these tax law change proposals, the following is a summary of some of the most important:

1. Increase the corporate income tax rate from 21 ...