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President Biden's Tax Proposals: A First Look At The Pending Storm

  • AFSP
  • CPA (US)
  • EA
  • Tax Preparer
  • CTEC
latest Biden tax proposal

1 Credit

FREE

Subject Area

Taxes

Webinar Qualifies For

1 CPE credit of Taxes for all CPAs

1 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-U-00720-21-O)

1 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273) (Approval No. 6273-CE-0675)

1 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

1 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-U-00720-21-O)

1 CE credit of Federal Tax Update for Oregon Tax Preparers (Approval No. GEHNZ-U-00720-21-O)

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Upcoming Webinars

Course Description

The Biden administration has announced a number of tax proposals to fund new government investments such as infrastructure, education and family programs as part of the Build Back Better agenda.

President Biden announced his individual tax proposals last 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.

In this CPE/CE Tax Update webinar join Bob Keebler for a first look at these critical new developments, including the following major topics:

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

  • To list down the tax proposals of President Joe Biden 
  • To identify potential income tax changes, estate, and gift tax changes, and gain realization provisions 
  • To determine how these proposals may impact you and your clients

Who Should Attend?

  • Annual Filing Season Program
  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Trust & Estate Tax Professional
  • Young CPA

Testimonial

4.6

(182)
66%
30%
3%
1%
1%

RB

Very informative

ST

A wonderful yet terrifying session. Thank you so very much!

SL

The instructor was a highly experienced Pro with practical advice.

JT

This was the best CPE course I've ever taken.

KH

Quick and an informative overview of the potential tax changes to come.

VF

Great informative class.