Navigating Potential Changes to Corporate Tax Rates
With the expiration of the Tax Cuts and Jobs Act (TCJA) provisions looming in 2025, small business owners and tax practitioners who advise them are facing a significant dilemma: should they consider electing S corporation status in anticipation of a potential increase in the corporate income tax rate?
Recent discussions among House Republicans and Democrats suggest that a hike in the corporate tax rate may be on the table when Congress considers extending the TCJA tax cuts. Chair Jason Smith, R-Mo., of the House Ways and Means Committee, revealed that some well-known conservative House Republicans support such a hike. This revelation underscores the uncertainty surrounding the future tax landscape and the need for proactive planning.
Viewer tier: free
Post tier: free
