Todd Simmens is BDO’s National Managing Partner of Tax Risk Management. As the Tax Risk Management Partner, he is responsible for managing tax risk issues for the firm, including tax return preparer issues, client-related practice issues, and reportable transaction consulting. In addition, Todd oversees the tax practice’s Tax Controversy & Procedure practice, managing tax controversies and addressing questions of tax procedure.
Retroactively is generally not favored. If folks are planning for some changes, it would be safe and prudent to assume that the changes are effective in January 2022.30 September 2021
It remains to be seen how President Biden’s pledge to raise the corporate tax rate, among other tax-related statements, will take shape given the exigencies of the ongoing struggle to contain the spread of the coronavirus. That said, tax is on the federal agenda, and businesses should be scenario planning for changes coming down the pike potentially to the corporate tax rate, capital gains rate, individual income tax rates, and the estate and gift tax exemption amount.30 September 2021
For corporations, you can do an analysis on the 21% rate. But for individuals, it's an entirely different rate system.30 September 2021