October 7, 2021

Proposed Tax Law Changes: What You Need To Know!

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The House Ways and Means Committee recently released a summary of proposed tax changes intended to help fund the $3.5 trillion spending package. Although this has not yet been passed, we would expect that much of what has been proposed may make it into the final bill.

Who will be impacted?

Corporations and high-income earners ($400k+) will be affected the most from these proposed changes.


We have dissected the proposal and assembled a few highlights:

  • Tax increases for businesses, in particular S Corporations
  • Estate and Gift Tax exclusions cut by about one-half
  • Retirement Plan Limitations for High-Income Individuals

More Details

What Can You Do?

At this point, these are only proposals so it is tough to make any decisions without knowing for sure what will pass. However, based on when these changes take effect, it is important to do some planning before year end. Simply reply to this email or call the office today, to schedule a meeting.


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Kevin Forootan, CPA/CGMA
Partner – Woodland Hills, Beverly Hills
DK Wealth Management LLC
21600 Oxnard Street, Suite 2000
Woodland Hills, CA 91367

Tel 818-385-0585

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Livia Benjamin, CPA
Principal Partner – La Jolla
DK Wealth Management LLC
4225 Executive Square, Suite 900
La Jolla, CA 92037

Tel 858-642-5050

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Kristopher Lindley, CFP®
Financial Consultant
DK Wealth Management LLC
12555 High Bluff Drive, Suite 210
San Diego, CA 92130

Tel 619-550-4619

DK Wealth Management LLC | La Jolla | University Heights | Woodland Hills | Beverly Hills

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