Webinar – Build Back Better Act: Reporting Guidance for Individuals, Trusts, and Estates
The updated proposal of the BBBA, if passed, will have major impacts on many individuals and pass-through business owners. On this webinar we will discuss the following enacted and proposed tax changes:
- The status of the recent proposal for the increase in individual income tax rates and capital gains tax rate targeting individuals with income of more than $400,000.
- The new proposed income tax surcharge of up to 8 percent on trust, estates and millionaire earners.
- The proposed expansion of the 3.8 percent net investment income tax for taxpayers who are passthrough entity owners earning more than $500,000.
- The most recent bill changes in the deductibility of the state and local income taxes for individuals. Followed by a discussion of how this may impact planning for pass-through entity owners considering utilizing the new state pass-through entity tax.
- The modifications to the child tax credit, residential energy credit and plug-in electric vehicle credit.
- The potential amendments to Section 1202 Qualified Small Business stock 100 percent and 75 percent gain exclusions for those earning more than $400,000 or trusts and estates.
- Separate from the BBBA, on November 3, 2021, the Internal Revenue Service (IRS) posted detailed reporting directions for carried interests, often referred to as promote, held through certain passthrough entities for tax returns filed after December 31, 2021.
Any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or under any state or local tax law or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Please do not hesitate to contact us if you have any questions regarding this matter.