SVA Certified Public Accountants professional Rhett Reuter, CPA, MT is featured in an In Business Magazine article titled “How Much Will You Owe? A Look at Potential Tax Changes Under the Biden Administration”.
The Biden administration is proposing an increase in the marginal income tax rate for high earners. For partnerships and S corporations where income passes through to the taxpayer, the individual rates might go up to 39.6% for those making over $400,000. The corporate tax rate could settle around 25% which would amount to an increate in the rate of at least 4% to 7%. Furthermore, the long-term capital gains rate, for gains held longer than one year, may increase for pass-through entities. In these instances, the highest rate of 20% could be raised to match the ordinary tax rate of 39.6% for those with an adjusted gross income of over $1 million.
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Rhett is a Senior Manager with SVA Certified Public Accountants and works closely with businesses advising them on tax and accounting issues that may arise throughout the year. He provides guidance and support on a variety of issues including IRS and state audits, various tax credits, like-kind exchanges, and structuring and exiting deals. He concentrates his practice on federal and state tax compliance, tax research, proactive tax planning, and tax-saving strategies.
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