When people think of sunsets, what likely comes to mind is a romantic walk along a beach in the evening. Yet, with respect to the Internal Revenue Code (IRC), the word “sunset” has a very different meaning. In the context of tax law, a sunset is an expiratio...
The Tax Cuts and Jobs Act, which sunsets in 2025, made the standard deduction the better option for most taxpayers. However, if you live in a state with high income taxes or can claim a lot of tax deductions, you may wish to itemize. Most tax preparation software can identify the best ...
“[a]n Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018” (referred to hereinafter as the “Tax Cuts and Jobs Act of 2017” or (“the TCJA”)), enacting the most sweeping tax reform bill in 30...
sunsetstax coderevenue lossGDPEvents leading up to the enactment of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) highlighted the role of tax provisions that expire at a given date, which are commonly known as sunsets. This article examines trends in the magnitude and ...
BACKGROUND The Tax Cuts and Jobs Act (“TCJA”) creates, modifies or eliminates a number of employment and employee fringe benefit related provisions of the Code. Both employers and employees need to be aware of these changes. Accordingly, this installm
The deduction for qualified business income is effective for taxable years beginning after December 31, 2017 and sunsets after December 31, 2025. The amount of the deduction available to a taxpayer from a partnership, S corporation or sole proprietorship cannot exceed the greater of (a) 50...
Good to know: After the passage of the 2017 Tax Cuts and Jobs Act (TCJA), certain AMT brackets and thresholds were automatically indexed to inflation. However, without new legislation to extend them, these changes may phase out as the TCJA sunsets at the end of 2025. Ways to address ...
All this nonsense likely sunsets in 2025 unless Congress can extend, so 2026 tax returns due in 2027 might not have this problem. It’s just around the corner everyone! The button below will take you to our Pass-Through Entity Tax (PTET) Deduction article that we posted in early summer ...
Commentators and our clients have been asking whether the Internal Revenue Service (IRS) might “claw back” the benefits of the higher basic exclusion amount (BEA) once the increase “sunsets” at the end of 2025 and the BEA reverts to the lower amounts. Read More… IRS Releases New ...
As a result of the Tax Cuts and Jobs Act of 2017 (“TCJA”), the alternative minimum tax (“AMT”) has affected less taxpayers than in past years, so some of the tax strategies utilized in prior years will no longer be applicable. The key factors you should consider when identifying st...