Bills would Repeal Estate Tax and Make Pass-Thru Deduction Permanent The Tax Cuts and Jobs Act (TCJA)—passed at the end of 2017—doubled the estate tax exemption from $5 million to $10 million. However, that provision expires in 2025 without further Congressional action. Senator Thune’s legislation (which follows legislation also introduced by Rep. Jason Smith in
IRS Begins Process of Administering New Law On Dec. 22, President Trump signed into law H.R. 1, the Tax Cuts and Jobs Act. Most of the tax reform law’s provisions went into effect on Jan. 1, creating a challenge for the Internal Revenue Service (IRS) and the Department of the Treasury to administer the changes
On Wednesday, Congress passed comprehensive tax reform legislation that will lower rates, spur economic growth and impact your construction business for years to come. However, this process did not start as well as it ended for the construction industry (see chart for details on the final bill (see chart for details on the final bill).