On March 28, 2022, the Biden Administration released their 2023 fiscal year budget. The suggested tax reforms give you a heads up on what may be coming so that you and your clients aren’t blindsided and can plan ahead in 2022. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, shares the proposals relevant to CPA financial planners, including:

Higher marginal tax rates for high income earners
Capital gains taxed at ordinary rates when 1M or greater for MFJ
Transfers of appreciated assets by gift or at death taxed as realization events
An additional tax for taxpayers with net worth greater than 100M
The inability to create a trust that includes GST exemptions for more than 2 generations
Limit the use of DAFs to avoid private foundation payouts
End the use of GRATs and IDGTs
And much more

Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.

Access 2022 planning decision charts based on current law and audio learning to plan ahead for what may be coming in the Proactive Planning Toolkit.
Read the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals.

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

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The 2023 tax revenue proposals released by the Biden Administration {PFP Section}

AICPA Personal Financial Planning (PFP)