Senate Finance Committee Chair Ron Wyden (D-OR) and House Ways and Means Committee Chair Jason Smith (R-MO) have announced a $78 billion bipartisan bill dubbed the Tax Relief for American Families and Workers Act. It includes several tax-related changes. For example, it would temporarily expand the Child Tax Credit and enable more taxpayers to benefit from certain disaster-related casualty losses. In addition, it would restore current business tax deductions for 100% of domestic research and development expenses and extend 100% bonus depreciation. The bill’s cost would mostly be offset by cracking down on fraud occurring in the COVID-related Employee Retention Tax Credit. Stay tuned. Contact us with questions © 2024