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American Institute of CPAs - Personal Financial Planning (PFP)

Mar 29, 2022

On March 28, 2022, the Biden Administration released their 2023 fiscal year budget. The suggested tax reforms give you a heads up on what may be coming so that you and your clients aren’t blindsided and can plan ahead in 2022.  In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, shares the proposals relevant to CPA financial planners, including:

  • Higher marginal tax rates for high income earners
  • Capital gains taxed at ordinary rates when 1M or greater for MFJ
  • Transfers of appreciated assets by gift or at death taxed as realization events
  • An additional tax for taxpayers with net worth greater than 100M
  • The inability to create a trust that includes GST exemptions for more than 2 generations
  • Limit the use of DAFs to avoid private foundation payouts
  • End the use of GRATs and IDGTs
  • And much more 

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This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

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