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In the News | Thomson Reuters

Experts Discuss Tax Reform Landscape in 2025

Dec 24, 2024 · Authored by Sonja Valter

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  • Tax
  • Federal Tax
  • Individual Income Tax Planning & Compliance

In an article with Thomson Reuters, Baker Tilly’s Kasey Pittman and Sonja Valter, share insights on what lies ahead for tax policy and payroll professionals as the Tax Cuts and Jobs Act (TCJA) provisions near expiration.

Key takeaways:
  • Legislative uncertainty: Narrow Republican margins in Congress mean individual lawmakers could significantly influence tax reform.
  • Costly extensions: Extending expiring TCJA provisions could cost $4 trillion, but some changes, like personal exemptions, could generate revenue.
  • Payroll implications: Changes to Form W-4 and supplemental wage rates may require employers to act fast.
  • Adaptation is key: Flexibility and preparation are crucial, especially with the potential for retroactive implementation.

Dive into their full analysis on the challenges and opportunities for tax reform in 2025.

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Related sections

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  • Federal Tax
  • Individual Income Tax Planning & Compliance