Preparing for Tax Changes in 2025

May 2024 The Tax Cuts and Jobs Act (TCJA) of 2017 made sweeping changes to the Internal Revenue Code (IRC). It lowered tax rates for individuals, businesses and families. Some provisions of the statute are intended to discourage businesses from moving assets overseas. Many of the changes made by the TCJA will expire at the end of 2025 unless Congress acts to extend them or make them permanent. Whether this will happen largely depends on the outcome of the election in November 2024. For now, taxpayers can begin planning for 2025 and beyond based on the schedule provided by the TCJA. View the full article here.