Donald Trump’s election as the 45th President is expected to bring changes to the tax laws for individuals and businesses. More immediately, the election results may impact year-end 2016 tax planning because of last-minute provisions soon expected to be passed by the “lame-duck” Congress or by the new Congress in 2017. Further the 115th Congress, which will convene in January 2017 will find the GOP in control of both the House and Senate, allowing Trump to move forward more easily with his proposals. To help our clients plan for the uncertainty ahead, we offer the Post-Election Tax Policy Update on possible and expected changes in U.S. tax policy that may affect your tax planning. Please call us if you have any questions or would like to discuss your specific situation.
High-net-worth individuals donated $5.8 billion during the first six months of the COVID-19 pandemic — generous giving by most standards. This is according