It seems like only yesterday that that President Trump and the United States Congress and Senate passed the Tax Cuts and Jobs Act (TCJA) that business advisor Clifton Larson Allen (CLA) states “brought sweeping tax changes to businesses and individuals”.  However, it was in 2018 and to show how fast time moves, we will soon be in the period that some of the provisions of that legislation “sunset” or “expire”.

The “Sunset” provisions take effect on January 1, 2026, so we are less than two years from that period. Because the sunset is part of law, it would take an act of Congress to prevent it. . . .and where we are in today’s world with a divided Congress, that doesn’t look too promising.

According to CLA here’s some of what will be affected by the Sunset provisions:

• Individual Income Tax rates
• The Qualified Business Income Deduction
• The State and Local Tax Deduction (SALT)
• Mortgage interest deductions
• Charitable contribution deductions
• Estate and Gift Taxes

To learn more about this situation you can read a paper from CLA on the expiring changes here.

For more information on what’s else is happening on the regulatory side of business you can check with CLA here.

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