The President’s budget would extend estate tax and individual tax cuts under the Tax Cuts and Jobs Act (TCJA). President Trump has issued a budget proposal for fiscal year 2021. Among its provisions are an extension, through 2035, of the estate and gift tax cuts and the individual income tax cuts in the TCJA. These provisions are scheduled to expire for tax years beginning before Jan. 1, 2026. The President’s budget contains other tax provision proposals including: $12 billion in FY2021 base funding for the IRS; funding to digitize more IRS communications; giving the IRS the authority to correct more errors on tax returns before issuing refunds; and increasing wage and information reporting. Call or visit our website for more information! www.mjscpa.com/
