By Sidney Kess
The CPA Journal
January 2020
To fund the government through the end of its 2020 fiscal year and provide funding for various projects and purposes, Congress passed a massive spending measure just before adjourning for the Christmas holiday; this measure was signed into law on December 20, 2019. The Further Consolidated Appropriations Act, 2020 (H.R. 1865), enacts an estimated $426 billion in tax cuts for both individuals and businesses (Joint Committee on Taxation). These changes require individuals to reexamine their tax returns for 2018, consider which new rules apply for 2019, and plan ahead for 2020 and beyond.
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Published with permission from The CPA Journal.
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