Sikich Tax Experts Encourage Companies to Plan Ahead Pending Upcoming Legislation Changes

Survey data finds many companies are delayed in taking action

CHICAGO – August 29, 2024 – Sikich, a leading global technology-enabled professional services company, held a business tax webinar and polled approximately 230 industry professionals on upcoming legislation changes to tax policy, following The Tax Cuts and Jobs Act (TCJA), passed in 2017. The survey data provides valuable insight into what experts are anticipating, pending the changes from the TCJA to be implemented in 2024 and 2025, amidst an election season.

The webinar provided practical steps for individuals and businesses to prepare for the coming shift in policy. Attendees were polled on their tax planning initiatives around the sunsetting TCJA provisions. While the majority of respondents (87%) believe the TCJA changes will have a modest or significant impact on their business or person tax situations, many have not taken action to plan for the impacts (70%).

“Putting together and executing a planning strategy during an election year is extremely difficult due to the delay in Congressional action,” said Tom Bayer, Principal, Sikich. “This is why our tax experts strongly advise becoming familiar with current policy proposals and determining preliminary plans to stay ahead of these changes and remain proactive.”

The TCJA of 2017 ushered in across-the-board tax cuts for individuals and businesses across all industries. However, many of these tax provisions will sunset at the end of 2025, resulting in higher taxes for many in 2026. With much anticipation and uncertainty over tax policy, Sikich’s “Strategic Tax Planning for Businesses: Preparing for TCJA Sunset in 2026” webinar covered anticipated and permanent changes coming as a result of the TCJA, as well as potential Congressional actions and political party perspectives regarding the act.

About Sikich

Sikich is a global company specializing in technology-enabled professional services. With more than 1,900 employees, Sikich draws on a diverse portfolio of technology solutions to deliver transformative digital strategies. From corporations and not-for-profits to state and local governments and federal agencies, Sikich clients utilize a broad spectrum of services and products to help them improve performance and achieve long-term, strategic goals.

Sikich practices in an alternative practice structure in accordance with the AICPA Professional Code of Conduct and applicable law, regulations, and professional standards. Sikich CPA LLC is a licensed CPA firm that provides audit and attest services to its clients, and Sikich LLC and its subsidiaries provide tax and business advisory services to its clients. Sikich CPA LLC has a contractual arrangement with Sikich LLC under which Sikich LLC supports Sikich CPA LLC’s performance of its professional services. Sikich LLC and its subsidiaries are not licensed CPA firms.

“Sikich” is the brand name under which Sikich CPA LLC and Sikich LLC provide professional services. The entities under the Sikich brand are independently owned and are not liable for the services provided by any other entity providing services under the Sikich brand. The use of the terms “our company”, “we” and “us” and other similar terms denote the alternative practice structure of Sikich CPA LLC and Sikich LLC.

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