Midyear tax planning – Grappling with tax law uncertainties

Description

Abstract: A substantial number of the tax cuts introduced under the last presidential administration are heading toward expiration at year end. But that doesn’t necessarily mean they’re going to expire — Congress could extend them. So, though it may seem early in the year to start thinking about tax planning, it’s an important time to do so. This article discusses potential changes to marginal income tax rates and capital gains rates, as well as gift, estate and generation-skipping transfer (GST) tax rates. A sidebar discusses how the Hiring Incentives to Restore Employment (HIRE) Act can benefit some businesses.