EXECUTIVES SEE RISKS, OPPORTUNITIES WITH INCOMING BIDEN ECONOMIC PLAN

Financial executives are preparing for the new administration of Joe Biden. Dennis LaPorte (UHY Great Lakes region) and Cindy Hannafey (UHY Consulting) shared their thoughts on items business owners should keep their eye on as we make the transition to a new President and new administration. If you have a Crain’s subscription, you can read the full article here.

Below are their excerpts. “There are several other tax matters small businesses need to be paying attention to as well as Biden prepares to enter office,” according to Dennis LaPorte, a partner in the Sterling Heights office of accounting firm UHY LLP, and the managing director of UHY Advisors. Namely, he said the firm is working with clients on navigating the president-elect's plans for estate taxes, or so-called "wealth" taxes, as well as taxes around depreciation of equipment for businesses.

Asked to describe the sentiment of clients at present, Cindy Hannafey, managing director of UHY Consulting in Atlanta, said many are on edge. "This will be a major swing," Hannafey said. "We're going to go from more deregulation to more regulation. So companies are going to have to bear the expense of making sure that they adhere to those regulations."