As we look to the results of the midterm election, it appears that we will have a divided government in 2023-2024 and we will need to carefully consider the impact on our clients. Year-end planning could include tax loss harvesting for crypto, new energy provisions and investments, Roth conversions and filling up the 22% and 24% tax bracket. We will also need to give careful consideration to the preparation for the sunset of the Tax Cuts and Jobs Act of 2017 regarding the federal gift and estate tax exclusion. As you approach this with your clients, conversations and plans will need to be developed in preparation for the changes happening in 2026. In this PFP Section podcast, Bob Keebler, CPA/PFS also addresses the following:
What is going to happen to SECURE 2.0?
Will the EARN Act pass?
Will there be an Extenders package?
Will there be an update to the 10% penalty connected to a corrective distribution?
Will there be a change in the required beginning date (RBD)?
Will there be changes to Substantially Equal Periodic Payment (SEPP) rules?
Will there be changes to the grantor trust regulations?
Will the Corporate Transparency Act be passed?
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Learn more about this and other year-end planning strategies at Bob Keebler’s webcast on November 17th and 28th (free with CPE for PFP Section members).
Find Bob’s decision charts in the Proactive Planning Toolkit, exclusive to AICPA PFP Section members.
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