2023 year-end tax letter

Once again, we have faced a challenging economic year. Continuing discussion of a possible recession, tight labor markets and high inflation all permeate through the business news. Interest rates continue to rise (another 100 basis points to date in 2023), creating pressure on taxpayers to reduce borrowing costs. The politically divided Congress struggles to pass any kind of legislation, including funding the government via appropriations bills; consequently, prospects for any substantial tax legislation during the remainder of the year appear remote.

Our full 2023 year-end tax letter goes into further detail on tax topics such as key IRS updates, ownership reporting, new international tax issues, enforcement changes and more. While tax planning should be addressed throughout the year as an integral part of overall financial health, this letter is here to assist you in this endeavor.

Visit the sections below for more information about the most pressing year-end tax issues:

• Post-TCJA planning and projected 2024 bracket changes
• Employee benefits and executive compensation update
• How the IRS is changing tax enforcement
• Digital asset taxation: 2023 update
• The Corporate Transparency Act beneficial ownership information report