TCJA Permanency Act Introduced
October 17, 2022
Rep. Vern Buchanan (R-FL) has introduced legislation to make permanent certain individual-related and small-business-related provisions of the Tax Cuts and Jobs Act (TCJA). Without congressional action, 23 provisions of the five-year-old tax law are set to expire after 2025. According to the Tax Foundation, most taxpayers will see a tax increase unless some or all of the provisions are extended. The TCJA Permanency Act would permanently lower tax rates for individuals and families, preserve the 20% deduction for small businesses, maintain the higher standard deduction, lock in the higher child tax credit and more. Stay tuned.
Meet the Expert
Chris Powers, CPA
Chris helps her clients confidently navigate tricky tax laws and complex regulatory challenges.
Do You Owe a “Nanny Tax” For Your Household Worker?
Did you employ a household worker in 2021? This could...
Cryptocurrency vs. NFTs From a Tax Perspective
Cryptocurrency and nonfungible tokens (NFTs) are far from interchangeable from...