Tax Relief Act – Now a Waiting Game
A few weeks ago, we wrote about a bi-partisan agreement for some tax relief and how the sponsors were hoping for a quick bill passage. The “Tax Relief for American Families and Workers Act of 2024” (H.R. 7024) actually was voted on and passed in the House on January 31. The bill was then sent to the Senate for a potential vote.
The Senate went on a recess February 9, and isn’t scheduled to be back in session until the last week of February. Even when the Senate comes back into session, there is an expected debate on this bill. There will also be a packed agenda so it’s hard to say if and/or when the Senate would potentially vote on this bill.
While lobbyists and commentators are anticipating this bill will eventually pass, it could be well into March before we know more. For most taxpayers, it may be a good idea to plan to extend returns to see what happens with this potential bill. This would allow taxpayers to avoid having to amend tax returns.
Learn the details of the House bill in this article from CLA’s tax professionals.
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Curious if you should consider extending your tax return? Contact your CLA team for personalized assistance.
Andy is a CPA and trusted advisor with 15 years of experience providing tax, accounting, assurance, and consulting services to transportation industry owners and operators. He is a tax principal with CLA in the Minneapolis, MN office. He also consults with high net worth individuals and owners of closely-held transportation businesses on all aspects of tax planning, estate planning, and retirement planning. Andy is also the tax leader for transportation industry across CLA.
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