Income tax reform overview with Bob Keebler {PFP Section}

American Institute of CPAs - Personal Financial Planning (PFP)

The House Ways & Means Committee recently released its proposed 2021 tax reform legislation. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, covers the changes being considered that would impact income tax planning, including:

• Funding the IRS and using tax reform to improve social safety nets
• Additional childcare credits and other dependent care, childcare, and caregiver provisions
• Increases to the individual income tax rate, capital gains rate, and 3% surtax over certain thresholds
• Expansion of NIIT to business income when over certain thresholds
• Cap on the qualified business income deduction under 199A
• Wash sale rules applying to cryptocurrency
• Executive compensation deduction limited to 1M deduction and other business reforms
• Credits for electric vehicles

Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.

• Download the slides to follow along with the podcast
• Register for our year-end planning webcast that is free with CPE for PFP/PFS members.
• Access the Proactive Planning Toolkit audio learning to hear about other tax proposals impacting individuals.

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

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