Cryptocurrency taxation

The new 2024 tax plan would amend the “wash-sale” rule to cover digital assets. A wash-sale is a transaction in which an investor trades or sells a security at a loss and buys a “substantially similar one” 30 days before or after the sale date.

Gift and estate taxes

Biden’s plan would also close loopholes concerning certain trust arrangements. Specifically, the modifications would affect charitable lead annuity trusts and grantor-retained annuity trusts.

The new 2024 tax plan also targets several issues of interest to businesses. Read on to find out more about how President Biden’s budget proposal would affect your business.