After years of pandemic recovery, followed by years of high inflation, 2024 saw the return of a quiet economic year. This was also true from a tax standpoint. While the IRS has continued to churn out guidance relating to the Inflation Reduction Act of 2022 and the SECURE 2.0 Act, most other areas of taxation are likely to be stable through the end of the year.
That isn’t to say that 2024 was quiet across the board. After a highly contentious election, Americans voted to return Donald Trump to the White House on November 5. Much of Trump’s tax agenda focused on the Tax Cuts and Jobs Act of 2017 (TCJA), the majority of which is set to sunset at the end of 2025. How the impending sunset is handled will be a critical issue throughout the next year.
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