Tax Tip Tuesday: Additional Tax Reform Legislation

This week we will be looking at some things currently being discussed by Congress.

Republican lawmakers are considering a second round of tax reform legislation as a follow-up to last year’s Tax Cuts and Jobs Act (TCJA). As of this writing, there’s been no actual bill drafted.

House Ways and Means Committee Chairman Kevin Brady (R-TX) released a broad outline of what the tax package may contain. One of the main themes of the proposed legislation is to make permanent certain provisions in the TCJA, which are currently scheduled to expire at the end of 2025, including:

• federal income tax rate cuts for individual taxpayers

• the doubled child tax credit

• the deduction for up to 20% of qualified business income from pass-through entities

We will be watching to see if any of this passes this year.

Also, we will be taking a break next week and will return with a new edition of Tax Tip Tuesday on August 14th.

Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.