Read more about the current Greenbook proposals. ...
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As part of an overall $1.4 trillion spending package (two separate bills) expected to make its way through the House and Senate and then onto President Trump’s desk for signature, Congress is set to repeal some unpopular tax provisions enacted as part of the Tax Cuts and Jobs Act (TCJA). The bills also extend some popular provisions that expired at the end of 2017 or 2018, repeal a medical device excise tax enacted during the Obama administration, and rescind the “Cadillac” tax on high-cost health plans. They also add provisions intended to improve retirement savings and allow for additional disaster relief.
The tax portions of the bills are valued at $428 billion and are supported by both Democrats and Republicans. The current bills include provisions from the Taxpayer Certainty and Disaster Tax Relief Act of 2019 and the Setting Every Community Up for Retirement Enhancement Act (the SECURE Act), two measures that were unable to garner sufficient support within Congress for separate passage earlier this year.
Unfortunately, the bill does not include a highly desired technical correction to the TCJA that would allow bonus depreciation on qualified improvement property.
The spending bill’s tax-related highlights include (but are not limited to) the following:
Many of the extenders and changes have been retroactively applied to 2018. These benefits will need to be captured through the filing of amended returns or through other procedures provided by the IRS.
As of the date of this article, the bill was still not final law. For more information on how these provisions might affect you, please contact your Schneider Downs tax advisor.
Read more about the current Greenbook proposals. ...
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