Date: November 28th, 2024

Time: 1pmET | 12pm CT | 11am MT | 10am PT

Duration: 90 minutes

Description:

This webinar will explore the individual and business provisions set to expire under the Tax Cuts and Jobs Act of 2017 (TCJA). Our panelists will discuss the implications of the Act, strategies for planning around these expirations, and the likelihood of these valuable benefits being extended.

Small business owners and individual income taxpayers may face significant tax increases in 2026 as key provisions of the Tax Cuts and Jobs Act (TCJA) are set to expire. Many valuable tax benefits included in the TCJA will sunset after 2025, and the elimination of certain deductions has already begun. For instance, 2022 marked the final year for 100 percent bonus depreciation, which will decrease by 20 percent annually, dropping to 60 percent in 2024 and phasing out completely thereafter.

For owners of pass-through entities, the 20 percent Qualified Business Income (QBI) deduction under Section 199A will expire in 2026, while the top individual income tax rate is expected to revert from 37 percent back to 39.6 percent. Additionally, individual taxpayers will see significant reductions in the amounts allowed for the child care credit and standard deductions. These changes could impose considerable financial strain on small businesses and individual taxpayers. It’s crucial for taxpayers and their advisers to evaluate the likelihood of these provisions being extended and to prepare for the potential impact of this expiring legislation.

Join Larry Pon, CPA/PFS, CFP, EA, USTCP, AEP will discuss the ramifications of the TCJA provisions’ expiration and shares practical strategies for navigating these upcoming changes.

Learning Objectives:

• The Tax Cut and Jobs Act of 2017
• Individual provisions
• Business provisions
• State of extension of TCJA provisions
• Planning for the expiration of TCJA provisions
• Benefits

Discussion Topics

The panel will explore 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

About Our Speaker

Lynn Mucenski-Keck is a tax principal with over twenty years of experience in the accounting profession and serves as the National Lead on Federal Tax Policy at Withum. She specializes in federal, domestic and international tax planning for businesses, pursuing optimization to maximize cash impact.

Lynn leads Withum’s clean energy credit initiatives that have been significantly altered since the passing of the Inflation Reduction Act in August of 2022. She provides up-to-date information on the ability to elect the direct pay or transfer of the federal income tax credits