MinistryCPA - Corey A. Pfaffe, CPA, LLC

With the change of Administration in Washington, it is likely significant tax law changes will be made in the coming year. The following highlights some of the potential changes in tax law we believe may be made to increase federal tax revenues as well as some potential actions that can be made in anticipation.  Potential targets for tax increases as we see them Increase in tax rates Reduction or elimination of favorable capital gains and qualified dividend tax rates Reduction or elimination of the qualified business income deduction Reduction or elimination of immediate expensing of capital purchases Reduction or elimination of business tax credits Reduction or elimination of retirement savings incentives Caps on deductible compensation of highly compensated employees Strategies in anticipation of these concerns (actions to consider now, while benefits from the current tax law are still in place) Sell assets eligible for favorable capital gains tax rates Acquire investment and busine