Reform 2.0 of the Tax Cuts & Job Acts

Despite the Tax Cuts and Jobs Act being passed in December of 2018, the House Ways & Means Committee issued a “listening session framework” outlining the main themes of Tax Reform 2.0. This reform would be considered the second phase of projected legislation following enactment of the Tax Cuts and Jobs Act (TCJA). The framework focuses on themes including: 1) making the individual and small business tax cuts in the TCJA permanent; 2) helping people save more for retirement and creating a new Universal Savings Account to help them save for a variety of expenses; and 3) allowing new businesses to write off more of their initial start-up costs. Congress plans to continue to work off this framework and build on the growing successes of the Tax Cuts and Jobs Act. Congress wants to ensure this energized economy continues moving forward.

If you have questions regarding the Tax Cuts and Jobs Act or the Tax Reform 2.0, please contact a tax expert at KerberRose Certified Public Accountants. With 10 regional offices and over 160 employees, KerberRose is your local tax & business advisor.

Michael Matuszak

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Michael Matuszak

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