Retroactive Tax Legislation Could Throw 2023—Or Even 2022—Tax Filings into Disarray
The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) passed in the House on January 31, 2024, and is currently pending in the Senate. The bill proposes a few retroactive changes that could throw taxpayers’ 2023—or even 2022—tax filings unexpectedly into disarray. With promises of increased depreciation and deductions, businesses may be interested in keeping an eye on the progression of the bill and how the proposed retroactive changes may reduce or otherwise impact their past tax obligations. Proposed changes include:
- Retroactive extension of 100% bonus depreciation for qualified property placed into service in 2023 through 2026
- Retroactive loosening of business interest deduction limitation
- Retroactive extension of deductions for domestic research and experimental expenditures
Morrison Cohen’s Tax team is available to help businesses determine how the Tax Relief for American Families and Workers Act of 2024 and its proposed changes may impact their past tax obligations, as well as assist with compliance if the bill is passed.
Read more in our Client Alert below.
Contacts
- Isaac Paul Grossman Partner & Chair, Tax
- igrossman@morrisoncohen.com
- Niya Ge Associate
- nge@morrisoncohen.com
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