The Tax Cuts and Jobs Act, H.R. 1, agreed to by a congressional conference committee on Friday and expected to be voted on by both houses of Congress during the week of Dec. 18, contains a large number of provisions that would affect individual taxpayers. However, to keep the cost of the bill within Senate budget rules, all of the changes affecting individuals would expire after 2025. At that time, if no future Congress acts to extend H.R. 1’s provision, the individual tax provisions would sunset, and the tax law would revert to its current state.
About Mark DeVine
I have been in the tax and accounting profession since 1989. Before founding my own firm, I worked with the international accounting firm of KPMG, the Fleet Private Clients Group, and Bank of New England. I am also a member of the American Institute of Certified Public Accountants and the RI Society of CPAs.To discover how we can help you with taxes, payroll, bookkeeping and more, give me a call at 401.254.0151, or click the link to schedule your free 30 minute consultation today.