Tax Law and News 2024 Tax Relief Act update for tax pros Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Intuit Accountants Team Published Jan 18, 2024 1 min read The top tax writers in the U.S. House of Representatives and U.S. Senate recently put forth a $78 billion, multi-pronged joint tax proposal highlighted by tax benefits for low-income taxpayers and businesses. Known as “The Tax Relief for American Families and Workers Act of 2024,” the proposed framework from Senate Finance Committee Chair Ron Wyden (D-OR) and House Way and Means Chair Jason Smith (R-MO) includes the much-anticipated child tax credit enhancements, combined with tweaks to certain Tax Cuts and Jobs Act (TCJA; PL 115-97) business provisions that have enjoyed bipartisan support. The full text of the proposal can be found here. We cannot vouch for the timing or likelihood of passage as of the date of this article, but as more information is known about the proposed Act, the Intuit® Tax Pro Center will continue to update this blog post. Previous Post 2024 tax filing season opens Jan. 29 Next Post Créditos por energía residencial en virtud de la Ley de… Written by Intuit Accountants Team The Intuit® Accountants team provides ProConnect™ Tax, Lacerte® Tax, ProSeries® Tax, and add-on software and services to enable workflow for its customers. Visit us at https://proconnect.intuit.com, or follow us on Twitter @IntuitAccts. More from Intuit Accountants Team Comments are closed. Browse Related Articles Tax Law and News American Rescue Plan: What does the third stimulus mean… Tax Law and News Mashup of Updates for Tax Year 2016 Tax Law and News State stimulus relief Tax Law and News New COVID-19 relief package passed Tax Law and News Coronavirus relief update: Executive orders signed, off… Tax Law and News IRS provides guidance for employers claiming the Employ… Tax Law and News Hurricane Victims Get Relief With the Disaster Tax Reli… Tax Law and News Government Shutdown Averted and Tax Provisions Providin… Tax Law and News What to know about COVID-19 and taxes: deadline delays,… Tax Law and News Guidance issued on tax relief on deductions for food or…