In late January, the House of Representatives passed important bi-partisan tax legislation that provides several saving opportunities for families and businesses. The Tax Relief for American Families and Workers Act of 2024 (Act) calls for the extension of several credits and incentives that expired at the end of last year. It includes an increase to the reporting threshold for Form 1099s, changes to federal Section 174 research and development (R&D) credit expense rules, an extension of bonus depreciation, and updates to the Child Care Credit. There is also a provision that calls for a ban on accepting new Employee Retention Tax Credit claims effective January 31, 2024. This would retroactively end the popular COVID-19 era incentive. To help clients, prospects, and others, Wilson Lewis has summarized the key details below.
Key Tax Provisions
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The proposed changes are welcome news for families and businesses. If passed in the Senate, the Tax Relief for American Families and Workers Act of 2024 will create significant tax savings. We will keep you informed of any updates. If you have questions about the information outlined above or need assistance with tax planning or accounting need, Wilson Lewis can help. For additional information call 770-476-1004 or click here to contact us. We look forward to speaking with you soon.
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