2023 year-end tax letter

Published on Oct. 31, 2023

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.

2023 year-end business tax planning series

This year, specialists from our tax services practice discussed the latest regulations and the most common topics clients are asking about. Our year-end business tax planning webinar series looked back at changes from this year, and forward to what we can expect for 2024.

The program addressed noteworthy topics such as the Inflation Reduction Act, pass-through entity tax developments, the current status of Section 174 capitalization value chain alignment planning opportunities and planning for the sunsetting Tax Cuts and Jobs Act provisions, among others.

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. Baker Tilly US, LLP does not practice law, nor does it give legal advice, and makes no representations regarding questions of legal interpretation.