With the Presidential election 9 weeks away, we prepared the following guideline to illustrate where each of the candidates stand on certain tax laws. Biden’s proposed changes would repeal different aspects of Trump’s 2017 Tax Cuts and Jobs Act (TCJA). Please note, these are proposed changes and Congress often makes the final decision.
Here’s what taxpayers should know if they get a notice from the IRS
In 2019, Americans around the world began filing their taxes under the new Tax Cuts and Jobs Act. Some tax breaks have been eliminated or capped, while others have been expanded or introduced.