Ep. 18 | Navigating Post-Election Tax Strategies

The Mr. R Show

FREE CPE (1 credit) via EarMark:
https://earmark.app/c/2174

Welcome to episode 18 of the Mr. R Show, tailor-made for tax professionals seeking effective strategies for growth and enhancement in their practices. In this episode, John Tripolsky and Chris Picciurro, an esteemed tax expert, delve into the potential implications of the 2024 election results on tax planning for 2025. The conversation explores the critical changes tax professionals may anticipate, focusing on impacts stemming from possible revisions to the Tax Cuts and Jobs Act, corporate tax rates, and estate tax exemptions.

With the Republican Party gaining control of the presidency and Congress, Chris examines the likelihood of significant tax policy shifts, offering insights on how these could affect individual taxpayers, corporate structures, and real estate investments. Key topics include the potential extension of the Tax Cuts and Jobs Act, changes in bonus depreciation, and considerations for SALT tax deductions, estate planning, and Roth conversions. This podcast is a treasure trove of strategic advice for tax professionals poised to navigate this evolving landscape, armed with actionable insights and practical foresight.

Key Takeaways:

• The Tax Cuts and Jobs Act's possible extension or permanence could reshape individual and corporate tax strategies.
• Tax professionals should monitor potential changes in corporate tax rates, especially the implications for C-Corps.
• Estate tax planning may become crucial due to possible reductions in estate and gift tax exemptions.
• Roth conversions and the strategic timing of capital gains might be beneficial under current lower tax rates.
• Legislative changes could offer new opportunities or challenges in leveraging bonus depreciation and SALT deductions.

Notable Quotes:

1. "I do tax planning for taxpayers based on what I know now, not what I think might happen."
2. "Sometimes no decision is A decision."
3. "Having those longer-term relationships with your clients is really important."
4. "Let's look at, are tips going to become tax-free? Is overtime going to be tax-free?"
5. "If the tax Cuts and Jobs act does expire, which I don't expect it to, consider those Roth conversions."

Resources:

• Teaching Tax Flow: teachingtaxflow.com
• National Association of Tax Professionals: natptax.com
• Tax Foundation: taxfoundation.org

For more insights and in-depth discussion, tune in to the full episode of the Mr. R Show. Stay informed and ahead of the curve by subscribing for future episodes brimming wit

• (00:00) - Free CPE and Expert Strategies for Tax Professionals
• (02:08) - Post Election Tax Planning for 2025
• (08:43) - Tax Planning Amid Uncertain Legislative Changes
• (09:59) - Building Trust Through Membership in Private Practice
• (10:53) - Tax Planning Strategies Amid Changing Laws and Client Behavior
• (13:12) - Political Landscape and Republican Majority in 2025
• (15:08) - Tax Strategies Amid Potential Changes to Corporate and Individual Rates
• (22:44) - Debating Salt Preferences on Pizza and Soft Pretzels
• (24:57) - Potential Changes in Tax Deductions and Exemptions
• (28:33) - Understanding Estate Valuation and Tax Implications for Business Owners
• (30:58) - Potential Changes in Bonus Depreciation for Real Estate Investors
• (34:00) - Proposed Tax Changes and Their Potential Impacts
• (41:30) - Tax Strategies for Individuals Amid Changing Laws
• (44:25) - Estate Planning Strategies Amid Changing Tax Exemptions
• (47:29) - Tax Strategies for Business Owners and Real Estate Investors
• (53:21) - Integrating Financial Planning Into Tax Practices for Future Success