By Sarah N. Gaymon, CPA and Cassandra Baubie, JD

President Biden has previously expressed his intent to modify numerous current and past tax policies while he was on the campaign trail. Since the Democratic party now has narrow control over both the House and Senate, the possibility for tax change is much more likely. Many professionals believe that President Biden, with the help of Congress, will introduce future legislation that contains significant tax policy and position changes.

In fact, some of these proposed changes have already been introduced. A $1.9 trillion COVID-19 relief package has been introduced to the House, and they expect to vote on the legislation as early as Friday. The relief bill is designed to further address the growing needs resulting from the global pandemic.

Hill, Barth & King LLC has prepared this material for informational purposes only. Any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or under any state or local tax law or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Please do not hesitate to contact us if you have any questions regarding the matter.