Update: Tax Relief for American Families and Workers Act of 2024 Passes in House

The proposals in the AFWA were passed in the House January 31 and the bill has moved to the Senate.

Because some of the provisions are retroactive to 2023, such as 100% Bonus Depreciation, Research and Experimental Expenses treatment, and increases to the refundable Child Tax Credit, completing affected tax returns this season will be delayed. There is a possibility for the AFWA to be passed in February, but it will take the IRS some time to make adjustments.

If you would like to view the whole article from Clifton Larson Allen, click here.

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