Tax Reform Expiration/The New Inflation Reduction Act


The first major tax reform effort since 1986 happened. The Tax Cuts and Jobs Act (TCJA) passed at the very end of 2017 and we are braced for its expiration.

Congress and the agencies have been inundated with questions about compliance, intent and accounting methods-still. The passage of the TCJA was only step 1 in a multi-step process of making the law work for businesses and with the intent it was written.

The Inflation Reduction Act (IRA) is the single largest bill to pass into law on climate change, energy tax and drug pricing. Any major piece of legislation would leave many unanswered questions. But the unprecedented momentum of the passage of the TCJA and the IRA —the appearance of brand new concepts and tax provisions has caused an “implementation frenzy.” We can help you. Now is an opportunity to have an effect on tax law for the next few decades. But you need guides to help you accomplish that.

The first major tax reform effort since 1986 happened. The Tax Cuts and Jobs Act (TCJA) passed at the very end of 2017 and we are bracing for its expiration.

Congress and the agencies have been inundated with questions about compliance, intent and accounting methods-still. The passage of the TCJA was only step 1 in a multi-step process of making the law work for businesses and with the intent it was written.

The Inflation Reduction Act (IRA) is the single largest bill to pass into law on climate change, energy tax and drug pricing. Any major piece of legislation would leave many unanswered questions. But the unprecedented momentum of the passage of the TCJA and more recently, the IRA —the appearance of brand-new concepts and tax provisions has caused an “implementation frenzy.” We can help you.

Now is an opportunity to have an affect on tax law and regulations for the next decade, at least. But you need guides to help you accomplish that.

The tax committees and related agencies are different animals than the other committees in Congress and Administration agencies and need to be navigated with a delicate and knowledgeable hand. We believe we can help you with your current navigation.

There is a crucial nexus between government policy goals and the current tax conundrum. In addition and increasingly, rather than appropriating funds to accomplish policy and political goals, Congress uses tax expenditures to incentivize behavior. But dwindling federal dollars and an obsession with the federal deficit is causing the federal government to look to cutting costs and possibly eliminating tax breaks in favor of a lower corporate tax rate.

Changes to both domestic and international tax regimes will be the most important issues for the Congress in the near future. As you know from prior efforts, effecting change in the tax policy arena is a highly strategic and challenging endeavor.

We believe we have the vision, current information and expertise to help you safely travel through in these uncertain times.