The Potential Impact of Expiring Tax Cuts and Jobs Act Provisions on Taxpayers
It’s hard to believe that the Tax Cuts and Jobs Act (“TCJA”) was enacted in late 2017 – almost seven (!) years ago. During that time, individuals and business owners may have become accustomed to the various changes brought about by that legislation. However, key individual and business tax provisions from the TCJA are set to expire in 2025 – adding yet another highlight to the upcoming presidential election. Regardless of what happens in November, individuals, executives and owners should be mindful of what’s at stake, in the event Congress takes no further action.