- June 15, 2021
- Posted by: Stratford Team
- Category: Business
On Friday, May 28, 2021, the Treasury Department released the “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals,” otherwise known as the “Green Book” for both the American Jobs Plan and American Families Plan. Generally, the Green Book provides more detail regarding the Biden administration’s tax proposals than the initial announcements. While none of these proposals are law—or anywhere close to law—they are a good indication of what the Biden administration will seek to implement and business owners engaged in tax planning should consider how—and when—these proposals might impact their plans.
The Green Book is over 100 pages and contains significant details about dozens of proposals, but here are three considerations for business owners, particularly family business owners in the midst of succession planning:
1. Taxation of Gifts and Transfers on Death. At present, transfers at death are…