EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
Select your location
Local sites
Many of the Tax Cuts and Jobs Act (TCJA) provisions expire or change at the end of 2025. Without congressional action, taxes on individuals and corporations are scheduled to increase by approximately $3.5 trillion, with more than $2 trillion of it falling on individual taxpayers. Other expired and expiring tax provisions (for example, traditional “tax extenders”) not associated with the TCJA will also change, impacting businesses and individuals alike and adding to the scope of the so-called “tax cliff.”
The time to act is now
The 2024 presidential and congressional election outcomes mean a tax bill could happen quickly in 2025. Right now, taxpayers need to be identifying potential risks and opportunities and prioritizing issues and potential areas for policy engagement. By staying informed and actively involved, you can help shape the narrative and work to position your organization for success in 2025 and beyond.
Business implications of tax policy uncertainty
TCJA provisions expiring at the end of 2025 was one of the biggest tax policy concerns for respondents to EY’s Business Tax Policy Barometer survey (51%).
Executive authority to modify tariff rates, impose trade remedies
The executive branch has wide-ranging authority to adjust tariff levels and impose new tariffs without approval from Congress. Under many of these authorities, the investigative processes that underlie tariff changes can be expedited, and tariffs can be imposed quickly.
Direct to your inbox
Find out how we help industry leaders solve their toughest business challenges.
Quantitative Economics and Statistics
QUEST offers rigorous research, economic consulting, statistical consulting and survey design services to help businesses make key data-driven decisions across a broad range of issues.
Washington Council Ernst & Young
Washington Council Ernst & Young offers clients timely, relevant Washington insights, tailored to their needs.
Sustainability tax
With urgent environmental and social action needed from business, the tax function has never had a more critical role in accelerating sustainability strategy and building long-term value.
Our latest thinking
Tax in a time of transition (April 11, 2025)
In this webcast, panelists discuss the US economy and tax policy, what’s happening at the IRS and breaking developments.
11 Apr 2025 | your local time
Pathways to budget reconciliation in 2025
Republicans control the Senate and House, meaning they can proceed with their plans for a budget reconciliation bill anchored by TCJA extensions.
20 Mar 2025
Washington Council Ernst & Young
Expiration and change dates of various tax provisions may increase focus on tax policy
Several tax provisions are scheduled to sunset or change over the next few years, which may be a focus in an election year.
12 Mar 2025
Washington Council Ernst & Young
Steps companies should take now to prepare for major tax legislation in 2025
Companies should prioritize their tax planning, advocacy, and modeling now to effectively navigate anticipated major tax legislation in 2025
12 Mar 2025
Colleen O’Neill
Navigating 2025 tax policy uncertainty in mergers and acquisitions
Tax policy changes [in 2025] will have an important impact on the M&A market. Companies should stay abreast of upcoming policy activity.
10 Mar 2025
EY Americas
How to future-proof the global trade function
Master global trade complexities with strategies for integration, technology and ESG alignment. Discover how tax leaders can future-proof trade functions.
28 Feb 2025
EY Americas
How tax and trade leaders can prepare for global tariff disruption
Explore how new US tariffs reshape trade, driving tax leaders to adapt. Understand steps to build resilience and seize emerging opportunities.
17 Feb 2025
EY Americas
Active state tax legislative session expected in 2025
Governors outline tax policy priorities as legislative sessions begin.
05 Feb 2025
Scott Roberti
A look ahead: President Donald Trump’s second term
A look ahead: President Donald Trump’s second term
20 Jan 2025
Bridget Neill
Bring tax advisers to the board room to navigate volatility
Tax can help strategic business planning, but leaders must have direct, regular communication with advisers.
15 Jan 2025
Kevin Flynn
Tips for manufacturers to prepare for President Trump's trade policies
Preparing now will help manufacturers adapt to potential changes in international trade policies.
09 Jan 2025
Al Paul
Trump, taxes and ’25—what to expect on TCJA, tariffs and tax policy
Tax changes affecting businesses will happen in 2025. The question is how quickly they will be enacted and how expansive they will be.
09 Dec 2024
EY Americas
2025 GOP trifecta: Trump's return, TCJA and other tax reforms
2025 GOP trifecta: President-elect Trump plans to enact major tax reforms likely through budget reconciliation.
20 Nov 2024
Washington Council Ernst & Young
The uncertain future of TCJA's IRC Section 199A
IRC Section 199A may expire at the end of 2025, causing tax implications for business owners.
18 Nov 2024
David Kirk
Developments in state and local tax-related ballot measures
EY Indirect, State and Local Tax examines select state and local tax-related ballot measures.
14 Nov 2024
Scott Roberti
Five tax issues to watch heading into 2025
The party that wins in November 2024, may lead to big changes in the tax code. Read about what the tax cliff means and what is expiring in 2025.
20 Sep 2024
EY Americas
Our team
How EY can help
-
Getting ready for global minimum taxes: EY can help you evaluate the impact on your organization and develop a robust, actionable plan. Learn more.
Read more -
Americas and US Tax Policy at Ernst & Young LLP is a one-stop resource for insights on national and state tax reform, tax policy, regulatory changes and legislation.
Read more -
Washington Council Ernst & Young (WCEY) is a tax, legislative and regulatory group within Ernst & Young LLP that combines the power of a leading professional services organization with the on-the-ground knowledge, personal relationships and attention to detail of a boutique Washington-insider firm.
Read more -
State and local taxes can significantly impact a company’s cash flow, effective tax rate and risk profile. Our network of dedicated state and local tax professionals combines technical knowledge with industry understanding and access to technologically advanced tools and methodologies.
Read more -
EY Sustainability Tax professionals can help your business realize your corporate sustainability strategy. Learn more.
Read more