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$3.4 Trillion Question: What Survives 2025 Tax Cuts Expiry?

The Tax Cuts and Jobs Act (TCJA) has presented a $3.4 trillion conundrum to financial consultants, tax experts, and their clients: what will be the fate of the provisions set to expire after 2025? This astronomical figure signifies the cost of extending all the provisions of the 2017 law, such as those related to estates, the increased standardized deduction, lower income brackets, and limitations on the deduction for state and local taxes, for a decade beyond their current expiration date at the end of 2025. This data comes from the Committee for a Responsible Federal Budget, a nonpartisan, nonprofit organization.

The uncertainty surrounding the timeline adds an additional layer of complexity and opportunity stemming from this legislation. As one expert aptly put it, it could be seen as “the tax professional, lawyer and financial advisor job security act.” In the wealth management field, political concerns at the federal level often translate into matters of practice management and planning strategies. These strategies aim to maximize potential savings while mitigating risk.

In light of these impending changes, Financial Planning has gathered insights from ten professionals in the field to offer 26 tips to consider before 2026. These experts include:

• Garrett Watson, Senior Policy Analyst and Modeling Manager for a nonpartisan policy research organization
• Liting Chuang, a Certified Public Accountant (CPA) who serves as the Director of Tax Planning for a California-based firm
• Adrienne Davis, a CPA and Certified Financial Planner from Philadelphia
• Amy Irvine, an Enrolled Agent and CPA who founded a New York-based firm
• Rupa Pereira, an Enrolled Agent and founder of a North Carolina-based firm
• Corey Hulstein, a CPA serving as Director of Tax for a Kansas-based firm
• Matthew Foster, a Certified Financial Planner and Juris Doctor who is a Senior Wealth Advisor in New York
• Jarot Scarbrough, a Juris Doctor managing the Tax Advisory Services Department of a CPA firm

These professionals offer valuable insights into the Tax Cuts and Jobs Act. For those interested in the most pressing year-end tax questions or seeking advice on how to prepare for the coming year, additional resources are available.

In the realm of professional development, CPD accreditation can serve as a valuable tool for understanding these complex tax changes. By seeking out resources on how to get CPD accredited, professionals can enhance their knowledge and skills in navigating these uncertain tax landscapes.

The cost of accreditation can be viewed as an investment in one’s career and in the financial well-being of clients. In this digital age, options such as digital CPD certificates offer flexibility and convenience for busy professionals.

Moreover, self-accreditation education providers can offer tailored learning experiences to meet individual needs and preferences. The uncertainty surrounding the future provisions of the TCJA underscores the importance of ongoing professional development and learning in the financial field.

In conclusion, while the future of the Tax Cuts and Jobs Act’s provisions may be uncertain, what is certain is the value of staying informed and prepared. Through continual professional development and strategic planning, financial advisors, tax professionals, and their clients can navigate these changes with confidence.

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