Some benefits from the 2017 Tax Cuts and Jobs Act are set to expire at the end of next year.
According to the Internal Revenue Service, the TCJA "changed deductions, depreciation, expending, tax credits and other tax items that affect businesses."
The IRS lists changes that went into effect as the 2017 tax law was modified by the TCJA, including deductions of up to 20% for some business income, the elemination of deductions of expenses related to entertainment or amusement and the loss of the ability to carryback a net operating loss.
Jared Feldman, a partner and leader of his company's private client sector at accounting firm Anchin, noted the pros and cons of the potential change in an interview with Scripps News.
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"Some of the bad: higher tax brackets and tax rates could be coming back. What's not mentioned is the most striking increase is about 9% to the middle class, to the middle brackets. Standard deduction which was doubled in this act, will be reduced from about 30,000 down to about half, to about 15,000," Feldman said.
Feldman specializes in providing accounting, tax and advisory services for family offices, financial service executives, real estate developers, entertainment professionals and wealthy individuals.
He says certain aspects of the law could benefit a lot of families, including the elimination of the State and Local Tax Deduction cap, or SALT cap, which has been capped at $10,000 per year.
He says the expiration could affect how homeowners claim deductions on mortgages too calling it "a mixed bag of pros and cons."
Watch the full interview with Feldman in the video above.
