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Tax Implications of Budget Reconciliation Bill

Part Two of a Two-Part Article

This installment discusses how to use benefit laws that have been on the books for over 30 years to fund not only death benefits but also alternatives to deferred compensation for business and estate planning purposes for pass-through entities.

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Part I of this article (in last month’s issue) identified the proposed changes in partnership tax law as proposed by the Biden Administration and implemented by a Democratic Congress. The proposed changes are intended to simplify the tax law and permit the IRS to be able to audit and collect taxes in a more effective and efficient fashion. We showed how using benefit laws that have been on the books for over 30 years we can provide a seamless platform for owners of pass thru entities to reduce income estate and transfer taxes. This installment discusses how to use this platform to fund not only for death benefits but also for alternatives to deferred compensation for business and estate planning purposes for pass-through entities.

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