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.
We will continue to keep you informed of the latest developments by sending updates to assist you with planning throughout the remainder of the year.
Take a look back on our 2022 year-end tax letter.
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.