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Planning for the Sunset of TCJA: Expiring Individual and Business Tax Provisions

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Wednesday, October 2, 2024

Recorded event now available

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This webinar will outline the expiring individual and business provisions under the Tax Cuts and Jobs Act of 2017 (TCJA). The panelist will discuss the impact of the Act, planning for their withdrawal, and the probability that these lucrative benefits will be extended.

Description

Small business owners and individual income taxpayers could see a dramatic tax increase in 2026. Valuable tax provisions included in the TCJA are scheduled to sunset after 2025. The elimination of some deductions has been phased in gradually. 2022 was the last year for 100 percent bonus depreciation. The 100 percent rate has been decreasing by 20 percent annually, in 2024 the rate is 60 percent, and will continue to do so until it is eliminated.

For pass-through entity owners, the 20 percent QBI (qualified business income) deduction under 199A will expire in 2026, and the top individual income tax rate will return to 39.6 percent from its current rate of 37 percent. For individual taxpayers, the amounts allowed for the child care credit and standard deductions will substantially decrease. These changes and others could create an undue burden on small businesses and individual taxpayers. Taxpayers and their advisers need to consider the likelihood or unlikelihood of the extension of these provisions. Tax preparers need to be aware of the impact of this expiring legislation and prepare for the impending changes.

Listen as Larry Pon, CPA/PFS, CFP, EA, USTCP, AEP at Pon & Associates, explains the impact of the expiration of the TCJA provisions and offers practical advice on preparing for these changes.

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Outline

  1. The Tax Cut and Jobs Act of 2017
  2. Individual provisions
  3. Business provisions
  4. State of extension of TCJA provisions
  5. Planning for the expiration of TCJA provisions

Benefits

The panelist will cover these and other critical issues:

  • TCJA expiring provisions that will impact businesses
  • TCJA expiring provisions that will affect individuals
  • Planning for the elimination of TCJA's provisions
  • The state of extending some or all of the provisions included in the TCJA

Faculty

Pon, Larry
Larry Pon, CPA/PFS, CFP, EA, USTCP, AEP
CPA/PFS, CFP, EA, USTCP, AEP
Pon & Associates

Mr. Pon has been in practice since 1986 providing comprehensive accounting, tax, payroll, and business advisory...  |  Read More

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