Thomson Reuters Interviews John Rose on Potential TCJA Changes

March 12, 2024 – In a recent interview with Thomson Reuters, John Rose, director of federal tax quality control at Aprio, LLP, emphasized the importance of early preparation for potential changes to the Tax Cuts and Jobs Act (TCJA).

The TCJA, enacted in 2017, introduced significant alterations to the US tax system, including several payroll-related provisions set to expire at the end of 2025. John highlighted the need for businesses and tax practitioners to develop multiple tax plans to navigate potential outcomes, as Congress deliberates the continuation of certain TCJA provisions.

“Preparing early is crucial as businesses face uncertainty surrounding the future of TCJA provisions,” said John. “The complexity of the law could lead to compliance challenges and increased costs for businesses.”

John also discussed the possibility of retroactive changes to the law after provisions expire, stressing the potential challenges for payroll departments. However, he expressed optimism regarding IRS funding from the Inflation Reduction Act, which could aid taxpayers regardless of TCJA changes.

“With potential changes looming, businesses and advisors must have separate plans ready for implementation,” He concluded. “Early preparation is key to navigating the evolving tax landscape effectively.” The full article “Tax expert advises “be prepared early” for potential TCJA changes” is available here.