December 2020

TAX DEVELOPMENTS

Biden Administration’s Business Tax Priorities

During the course of his campaign, President-elect Joe Biden identified numerous political and legislative priorities, ranging from pandemic response to environmental initiatives. With regard to taxation, the Biden campaign identified various policy priorities, and a number of leading accountancies, including KPMG, PWC, E&Y, Deloitte, and Grant Thornton, have published reports on them. It is our understanding that Biden has not released a single, comprehensive plan, and many of the provisions he has identified lack sufficient detail to assess their impact. However, the following are a few key elements that have been widely reported:

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