Many taxpayers in 2023 have experienced how the loss of deductions can lead to an increase in taxable income and unexpectedly large tax liabilities that affect cash flow, liquidity and growth strategy.
As 2024 approaches, many taxpayers face extended tax-filing deadlines and year-end planning with a degree of frustration about the recent law changes that unfavorably reconfigured deductions. There’s additional anxiety over the unsettled state of tax activity on Capitol Hill. Will Congress provide relief by enacting more favorable legislation?
Regardless of the outcome, the time to act is now. Key decisions, including business model considerations, choice of entity, workforce and compensation matters, and general tax planning should be top of mind. Being prepared is imperative as we head into the next few years and anticipate scheduled changes to tax legislation in the U.S.
RSM presents this guide to assist you in that preparation by summarizing tax developments and concepts that have commanded taxpayers’ attention in 2023.
