2017 Tax Cuts and Jobs Act: Preparing for Reversion to Prior Law

Summary

This article discusses the potential expiration of the tax law changes enacted by the 2017 Tax Cuts and Jobs Act, Pub. L. No. 115-97 (TCJA). When enacted in 2017, the TCJA introduced the most sweeping changes to the Internal Revenue Code since the Tax Reform Act of 1986. Many of the changes made by the TCJA were only temporary and many are set to expire at the end of 2025 unless Congress takes action to extend them. While tax professionals are familiar with the possibility of the tax extender legislation by Congress, such as bonus depreciation or various tax credits, expiration of the TCJA's changes will have far broader impacts on tax practitioners and their clients.