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On January 20, 2017, Donald J. Trump was sworn in as America’s 45th president. Wasting no time, President Trump has already signed some executive orders, one of which freezes federal regulations pending further review (what this means for various tax regulations, including the proposed valuation discount that the IRS issued in August 2016, is currently unclear). As we wait to see what develops, it is a good time to update a prior discussion focusing on the planning basics and “good housekeeping,” rather than on taxes per se.

We often think of Thanksgiving and Giving Tuesday as ushering in the year-end charitable giving season. Year end is not only a time for gratitude, as families gather for the holidays, but also a time to start organizing financially for the close of the calendar year. But year-end giving does not need to be short-term giving. So even as you strive to be tax-efficient and timely in your year-end giving, those gifts can be part of a longer-term charitable giving strategy.

There has been so much attention this fall on the presidential election that the end of the year has rapidly come upon us. Regardless of the outcome of the election, neither candidate will be able to change the current tax law this year, so most of the usual year-end tax planning strategies remain the same. However, one recent development has caused us to move the always-important “Review your estate plan” to the top of the list.

Donald Trump will become our 45th President, and the Republicans will retain hold of Congress. Based on the Republican Party platform, this could result in dramatic tax code changes. Looking at President-elect Trump’s proposed changes to the tax code, we assess their likelihood of being passed in the next two years.

With Republicans controlling both houses of Congress and the White House, there are three things to know about heading into 2017: (1) expect tax reform to be a high priority; (2) individual tax reform will focus on lower rates but expect to lost some deductions and credits; and (3) business tax reform will focus on rates, depreciation and international taxes.

Defying the betting odds and pollster predictions, Donald Trump has pulled off an improbable victory. As an “unknown unknown,” Trump’s election introduces a level of policy uncertainty. Republicans hold the majority in Congress, but President-elect Trump will have to spend his early days building bridges to gain support for his agenda.

Donald Trump’s election as the 45th President of the United States on November 8 is expected to bring changes to the tax laws for individuals and businesses. President-elect Trump had made tax reduction a centerpiece of his economic plans during his campaign, saying he would, among other things, propose lower and consolidated individual income tax rates, expand tax breaks for families, and repeal the Affordable Care Act. As the next few weeks and months unfold, taxpayers will learn more about Trump’s tax plans.

On November 9, 2016, many Americans woke up to (or stayed awake for) an unexpected election outcome. As of that day, the downside for the DOW and the S&P 500 Index appeared to be less than the declines that occurred after the 2008 and 2012 elections. However, it is still early. During these uncertain times, it is best to stick with your investment plan as we wait to see how trends play out in the coming months and longer term.

In this edition of Tax Topics, the focus is on the IRS release of the 2017 inflation-adjusted numbers, along with planning points to keep in mind for both year-end and in general. It also has the November 7520 rate and applicable federal mid-term rates.