Sensible Taxation and Equity Promotion Act (STEP) of 2021 {PFP Section}

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Guest: Bob Keebler, CPA/PFS

On March 29th the Senate’s Van Hollen and House’s Pascrell released proposals that would result in the realization of capital gains on the date property is transferred by gift, trust, or death. In this PFP Section podcast episode, Bob Keebler, CPA/PFS, gets you up to speed on the latest, including:

  • What the proposals say and the similarities and differences in the Senate and House versions
  • Exceptions for personal property, transfers to spouses, and gifts/bequests to charity
  • The need to be mindful of the connection between these proposals and others that suggest a 39.6% tax rate on capital gains when income exceeds 1 million
  • Planning strategies to be prepared if these bills become law

Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.

  • Find the text of Van Hollen’s proposal here and Pascrell’s here.
  • For in depth coverage of the current estate, gift, and trust planning strategies that you can take advantage of now for your clients, use the 4-volume Guide to Financial & Estate Planning.
  • Listen to Bob Keebler’s podcast detailing the For the 99.5% Act here.

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 www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

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