Tax Tip Tuesday: Tax Reform 2.0 Update
House lawmakers on September 28th passed the third and final portion of the Tax Reform 2.0 plan.
The House approved the Protecting Family and Small Business Tax Cuts Act of 2018 which would make permanent the individual tax rate cuts in the Tax Cut and Jobs Act, the new cap on the so-called SALT (State and local tax) deduction, and the Code Sec. 199A pass-through income deduction.
A day earlier, the House passed the other two portions of Tax Reform 2.0—one would expand retirement tax benefits and the other would make permanent tax provisions directed at individuals and small businesses.
At this time it is not certain when or if the Senate will consider similar legislation. We will be watching and will let you know.
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.