Tax Law Overview

Tax Law Overview

  • This is the first sweeping overhaul to the tax code in over three decades.
  • The changes to the tax law will impact nearly every taxpayer.
  • While some of the changes are permanent, many of the changes impacting individuals will sunset, meaning that they will expire after 2025.
    • By allowing these provisions to “sunset,” the Senate met the requirements to pass the bill under reconciliation procedures which means that they only needed a bare majority vote to pass the measure rather than the 60-vote threshold that typically applies.

***Disclaimer: I am a tax accountant and a CPA licensed in Massachusetts , but I am not your accountant or advocate (Unless you have signed up to my services). This communication is not intended as tax advice, and no tax accountant -client relationship results**

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