Prior to the presidential election, one of the year-end focuses for tax planning was on a possible presidential victory for Joe Biden combined with a Democratic majority in the Senate that might result in tax increases in 2021 for higher-income individuals, corporations, investors and estates. Biden has now been declared the victor of the presidential election. However, it appears possible that the Republicans may retain control of the Senate, and the issue may not be decided until two run-off elections in Georgia in January 2021. So control of the Senate may not be decided before year-end, making year-end planning based on the election results still something of a guessing game.
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