Navigating the Uncertain U.S. Tax Landscape

President Biden’s ambitious legislative agenda includes several revisions to the Internal Revenue Code designed to increase revenue and combat perceived abuses. Moreover, the coronavirus pandemic continues to upend the work environment, complicating employers’ traditional allocations of income and tax withholding practices. A recent Seward & Kissel program examined the proposed tax code changes included in the pending Build Back Better bill; implementation of state-level pass-through entity taxes designed to offset the $10,000 cap on the deductibility of state and local taxes; ways the remote work environment has affected employers’ tax practices; and the potential impact of the proposed expansion of the net investment income tax to all income not covered by the self-employment tax. The program featured Seward & Kissel partners Jon P. Brose, James C. Cofer and David R. Mulle. This article distills their insights. See “How Fund Managers Can Ensure They Have Effective Tax Disclosures in PPMs” (Jul. 22, 2021); and “Key Tax Issues Fund Managers Must Consider” (Jun. 10, 2021). For additional commentary from Cofer and Mulle, see “Structural and Operational Considerations for Hybrid Funds” (Jan. 14, 2021).

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