Currently, the tax community is navigating great uncertainty primarily for two reasons: the outcome of the national election in November and the fact that most individual provisions of the Tax Cuts and Jobs Act are set to expire after Dec. 31, 2025. At that time, tax rates are scheduled to go up, and some provisions (such as the qualified business income deduction) are set to expire. Meanwhile, a bipartisan bill, the Tax Relief for American Families and Workers Act, passed the House of Representatives but hasn’t been touched since reaching the Senate. Many tax experts believe the outcome of any legislation being enacted before the election is doubtful. Stay tuned.
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