The Tax Cuts and Jobs Act (TCJA) includes a bevy of important tax changes for individuals and businesses. However, it's sometimes hard to keep track of which changes are permanent and which are scheduled to expire at the end of 2025 — unless Congress extends them.
Here's a scorecard to help you keep track of the permanent vs. temporary changes as the tax law currently stands.
* Indicates that this provision is not included in the "Protecting Family and Small Business Tax Cuts Act."
In September, the House Ways and Means Committee introduced the "Protecting Family and Small Business Tax Cuts Act of 2018." This bill would make the many temporary TCJA provisions permanent. House Republican leaders are expected to have trouble mustering the 216 votes needed to pass the measure. However, even if the measure passes the House, the Senate isn't expected to take up the legislation before the November elections.
These lists contain only the most widely applicable TCJA provisions; some changes may not be included. Your tax advisor can provide details about the temporary and permanent TCJA changes that could affect you and your business interests.
Get in touch today and find out how we can help you meet your objectives.