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Several tax provisions are scheduled to sunset or change over the next few years, which will be a focus in Congress.
Several tax provisions enacted as part of the Tax Cuts and Jobs Act were enacted with “sunset” and change dates, some of which have already taken effect. Other provisions, commonly known as “tax extenders” have typically been extended for just a few years at a time, leading oftentimes to their inclusion in year-end bills. Many of these tax extenders, however, were allowed to expire in 2021. While there’s been talk of addressing already expired TCJA provisions, such as IRC Section 174 R&D expensing, there has been no consensus to date. A bill in the last Congress (H.R. 7024) addressing several pending tax issues has languished in the Senate due to multiple stated reasons from Republicans.
As these provisions are far-reaching and will impact a wide range of taxpayers, they may be combined into one big tax package, the elements of which are currently being debated among Republicans.
Summary
As these provisions could be included in forthcoming legislation, affected taxpayers should monitor developments.
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