Tax moves are still possible with Build Back Better delay
Uncertainty in Washington doesn't mean tax professionals can't offer clients guidance.
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Uncertainty in Washington doesn't mean tax professionals can't offer clients guidance.
'Planning has been put on hold, because no one knows what the rules of the game are,' says one accounting firm partner.
With President Joe Biden’s signature tax-and-spending bill punted until next year, tax advisors are at a loss for how to guide their rich clients.
'Planning has been put on hold, because no one knows what the rules of the game are,' says one accounting firm partner.
Illustration by Benedetto Cristofani At a time when Americans are deeply polarized on many issues, the need to crack down on tax scofflaws is one topic that probably won’t trigger a Thanksgiving dinner squabble. Lawmakers like the idea, too, because narrowing the tax gap—the difference between the total taxes owed and the amount that goes unpaid—could fund billions of dollars in government spending on infrastructure, child care and other initiatives. Estimates of the size of the tax gap vary, but IRS Commissioner Chuck Rettig made headlines earlier this year when he estimated that it ex...