2016 Year-End Tax Planning and Post-Election Tax Updates [Webinar]
December 16, 2016 - By: SC&H Group
Tax Strategies for Year-End and Post-Election Tax Reform Observations
SC&H Group invites you to view a free on-demand webinar covering important year-end tax planning strategies for individuals and businesses. Our audit, tax, and financial planning specialists discuss important actions for individuals and businesses to take prior to December, 31, 2016 to minimize risk and maximize savings.
Our webinar highlights major issues and updates for taxpayers to take into account, including topics such as:
- Individual income tax planning
- Business income tax planning
- Net investment income tax (NIIT)
- IRS scams, fraud alert, and identity theft
- Estate, gift, and GSTT exemptions
- R&D credits
- Section 179 and de minimis expenses
As an example, last year’s PATH Act alleviated significant surprises and changes in tax law. Therefore, you can implement strategies now to reduce your 2016 tax liability and avoid excess payments. Our experts draw attention to updates in tax return due dates for partnerships, C corporations, and S corporations.
Additionally, this year-end is increasingly unique for taxpayers. It is no surprise that post-election results will result in tax reform changes. The President-Elect’s proposed tax plan will unavoidably have an impact on year-end strategies. Our tax subject matter experts provide insight into possible changes and updates to be aware of in the coming weeks, months, and years, such as:
- Reduction of tax rates and brackets
- Repeal of the Affordable Care Act
- Overhaul of current exemption and deductions
- Taxation of carried interests
- Corporate tax rate cut
- Tax provisions not available after 2016
For instance, a significant tax proposal from the President-Elect is a 3-tier income tax structure. We currently have a 7-tiered rate structure impacting individuals. The highest tax rate applicable to individuals under the current system is 39.6%. President-Elect Trump’s proposal would reduce the 7 tiers down to 3, with the highest rate being 33%.
Listen to our webinar today. Take the necessary steps today to prepare your personal and professional bottom line for year-end.