Tax Law Overview
on 07/13/2019 at 9:35 am
- 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: This communication is not intended as tax advice, and no tax accountant -client relationship results**
