Isaac Wiles Eyes Potential Post-Election Changes
A new administration often means new policies. Although Donald Trump’s victory is fresh and much more will become known between now and his January inauguration, our attorneys are monitoring laws and regulations closely for how they might impact our clients.
Read more about possible implications via our newest blog!
In the wake of former President Donald Trump’s election victory, our attorneys are monitoring potential changes at the federal level that could impact our clients. Although Trump’s victory is fresh and much more will become known between now and his January inauguration – and certainly thereafter – below are some laws, regulations and other issues we’ll be following closely to see if the new administration seeks to keep, revoke or amend them.
- The sunset of the Unified Credit – aka the federal estate tax exemption – that is set to occur on December 31, 2025. This credit determines how much an individual can leave free of federal estate taxes upon their death. The current amount is $13.61 million, but will drop to about half that amount upon sunset.
- The enforceability of the Federal Trade Commission’s rule banning new non-compete agreements and rescinding existing ones. The rule has already been struck down by several federal courts.
- The enforceability of the Corporate Transparency Act (CTA). The first big wave of filings are due from non-exempt businesses by January 1, 2025, but the enforceability issue is currently before the U.S. Court of Appeals for the Eleventh Circuit. The court heard oral arguments in late September on an appeal of a district court decision finding that the CTA’s beneficial owner reporting requirements were unconstitutional.
- The sunset of the state and local tax (SALT) deduction currently set for December 31, 2025. The deduction is currently capped at $10,000.
- The sunset of other tax provisions under the 2017 Tax Cuts and Jobs Act (TCJA), including tax deductions, income tax brackets, and charitable giving deductions.