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President Biden announced his individual tax proposals this week, which will potentially include a 39.6% long-term capital gain rate, gain realization at death and for gifts, along with significant changes to the estate, gift, and GST provisions of the tax law.
Join Bob Keebler for a first look at these critical new developments, including the following:
Income Tax Changes:
- Understanding the 39.6% LTCG tax rate when income exceeds $1,000,000 and how to plan
- Increase in the ordinary tax rate to 39.6% and what to do now
- Reduction in the benefit of itemized deductions, retirement contributions, and charitable gifts
- Increase in Social Security taxation for those earning over $400,000
- Return of the PEASE limitation
- Potential of market-to-market taxation
- Best planning ideas in 2021, including timing ideas, charitable gifts, harvesting gains, and Roth conversions
- Using charitable remainder trusts to smooth out income
- IRC §453 sales to control capital gains
Estate and Gift Changes:
- Decreases in the gift and estate tax exemptions and GSTT exemption
- Increases in the estate tax rates
- Elimination of GRATs and IDGT sales
- Reduction in valuation adjustments
- Changes to the GST rules
- Inclusion of IDGTs at death
- Planning strategies to address now
Gain Realization Provisions:
- Gain realization at death and gift, including 2021, explained
- Planning with charitable trusts to mitigate gain realization
- Exemptions and exceptions to the general gain realization rule
- Taxation of gifts to charity and CRTs
- Understanding the 21- and 30-year gain rule for existing and new trusts
- Taxation of 2021 gifts?
- Will the gain realization tax cause citizens to expatriate?
- New IRC §6168 payment election
Learning Objectives:
- Name the tax proposals of President Joe Biden
- Identify potential income tax changes, estate, and gift tax changes, and gain realization provisions
- Determine how these proposals may impact you and your clients
Robert Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA
Keebler & Associates, LLP
Partner
[email protected]
(920) 593-1701
Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished) is a partner with Keebler & Associates,
LLP and is a 2007 recipient of the prestigious Accredited Estate Planners (Distinguished) award
from the National Association of Estate Planners & Councils. He has been named by Forbes as
one of the 2024 America’s Top 200 CPAs, by CPA Magazine as one of the Top 100 Most
Influential Practitioners in the United States, and one of the Top 40 Tax Advisors to Know
During a Recession. His practice includes family wealth transfer and preservation planning,
charitable giving, retirement distribution planning, and estate administration. Mr. Keebler
frequently represents clients before the National Office of the Internal Revenue Service (IRS) in
the private letter ruling process and in estate, gift, and income tax examinations and appeals,
and he has received more than 350 favorable private letter rulings including several key rulings
of “first impression.” He is the author of over 100 articles and columns and is the editor, author,
or co-author of many books and treatises on wealth transfer and taxation. Mr. Keebler has been
a speaker at national estate planning and tax seminars for over 30 years including the AICPA’s:
Estate Planning, High Income, Advanced Financial Planning Conferences, ABA Conferences,
NAPEC Conferences, The Notre Dame Estate Planning Conference, and the Heckerling Estate
Planning Institute. He also served as chair of the AICPA’s Advanced Estate Planning
Conference from 2014-2020. Mr. Keebler received an award from CPAacademy for Top
Presenter 2022. This award honors those who are committed to the education of accounting
professionals and shares their knowledge in an open and easily accessible format. He also
received an award for Top Tax Educator of the Year for 2021-22 from myCPE for outstanding
contributions in the field of tax education and exceptional dedication to the field.
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