VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
2023 Tax Calendar
With a new administration in the Oval Office, business owners considering to sell their business in the near future should take into account the impact of President Biden’s proposed capital gains tax increases before taking any next steps.
The long-term capital gains tax held its position at 20% since the early 1980s. However, it was recently retained in 2017 by the Tax Cuts and Jobs Act (TCJA) for income over $434,550. Accompanying the preferential tax rate on long-term capital gains in the TCJA was a decreased income tax rate of 37% for the country’s highest-earners above $518,700. These incentives have been appealing motivators in recent years for business owners to sell as a result of higher net after tax proceeds.
Before you decide to sell your business, read Doeren Mayhew Capital Advisors‘ latest article for more information about these potential tax increases, the impact on future deals and how to plan ahead.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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