January 11, 2021 – in a Business First of Buffalo feature article, Al Nigro discussed the tax implications under the changes in Washington, DC:
Democrats control the White House and Congress. Here’s what that means for businesses in Buffalo.
Six years after SolEpoxy was acquired by an ownership group led by Jeff Belt, the Olean-based company was surging.
But the election of President Donald Trump in 2016 and vast subsequent changes to international trade had a tangible effect on companies in Western New York. While many business owners cheered the head-on tactics against trade dynamics they viewed as unfair to American interests, unilateral negotiations and tariffs had wide-ranging and unpredictable impacts.
“The trade war hurt our export sales and increased our cost of raw material — even that from domestic sources,” said Belt, who is also the former co-chair of the Western New York Regional Economic Development Council. “I think Trump lost the trade war and set us back with our allies. Hopefully President (Joe) Biden will navigate back toward normal.”
Indeed, leaders of Western New York businesses of all sizes and industries are staring down a White House and Congress controlled by Democrats. The regional economy will likely remain insulated from some policy changes that are yet to come, but plenty of looming items will have a very real impact. Here are some things to keep in mind.
Looming tax questions
Tax professionals have been hearing from clients for months about the potential ramifications of a unified government under Democratic control, said Albert Nigro, a partner at Buffalo-based Dopkins & Co. LLP.