The reason is simple: as with any law, there is much discussion that must be had before congress, in this case, decides how to proceed. But what is the reason for this and why is the answer so unclear, is causing many people to wonder if they should be adjusting their planning, and how? You may have heard rumblings that “taxes are going up” – but is this true? The answer is: maybe. What’s happening to the tax code, why it matters Our agency banking team at Westfield Bank continues to monitor the legislation closely and has some guidance to share that, no matter the outcome of the current tax code discussion, will allow you to weigh your options as you plan for the remainder of this year, and beyond. While the exact details are still unclear, it’s always a good idea to think through different ways to minimize any vulnerabilities to your business. When change happens: Navigating updates to the tax code, planning for changeĪt the moment, there is a lot of talk about how possible changes to capital gains tax rates could affect businesses, individuals, and the future of their agency.
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