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CPA - small firm
CPA - medium firm
CPA - large firm
Real Estate Professional
Small Business Owner
With the expiration of some Tax Cuts and Jobs Act (TCJA)-related tax provisions on the horizon, S Corporation shareholders and partners in a partnership could see their effective federal income tax rate increase by 30% by the end of December 31, 2025. With the sunsetting of the 199A deduction and an increase in individual federal income tax rates as of December 31, 2025, the effective tax rate for pass-through entity owners will jump from 30% to 39.6%. This is in addition to growing speculation around the potential increase of the current C Corporation 21% federal rate.
Taxable income for all business income could also increase due to the sunsetting TCJA provisions, including the capitalization of research and experimental expenditures, bonus depreciation dropping to 60% in 2024 and to 40% in 2025, and the application of a more restrictive interest expense limitation calculation among others.
Join this webinar to better understand the bumpy road that may be ahead for your business or your clients.
Learning Objectives:
- Outline a high-level overview of the Presidential and Congressional races and how they may affect tax legislation
- List the three main areas of focus for the new Congress -- the debt ceiling, immigration, and tax reform -- to identify how they all are related
- Evaluate the potential implications if the TCJA plan expires
- Compare aspects of Vice President Harris' and former President Trump's prospective tax policy plans and evaluate possible tax initiatives and priorities of potential future presidential administrations
Lynn Mucenski-Keck
WithumSmith+Brown, PC
National Lead, Federal Tax Policy at Withum
[email protected]
(585) 313-0146
Lynn Mucenski-Keck is a tax principal with over twenty years of experience in the accounting profession and serves as the National Lead on Federal Tax Policy at Withum. She specializes in federal, domestic and international tax planning for businesses, pursuing cash optimization. Lynn testified in front of the House of Representatives Committee on Small Business focusing on many of the TCJA provisions that are set to expire, including lower individual income tax rates, the pass-through deduction (199A) and bonus depreciation decline. In addition, Lynn serves as a tax advisor to many Washington DC groups promoting proper federal tax reform for family and privately-owned businesses, including S Corporation Association, American Council of Engineering Companies, the National Automobile Dealers Association, and National Manufacturing Association.
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