Federal tax year-end considerations in 2023

  • Published: October 16, 2023 — 10:00 am

GUIDE | October 16, 2023

Authored by RSM US LLP

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.

This article was written by RSM US LLP and originally appeared on 2023-10-16.
2022 RSM US LLP. All rights reserved.

The information contained herein is general in nature and based on authorities that are subject to change. RSM US LLP guarantees neither the accuracy nor completeness of any information and is not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. RSM US LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein. This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations. This analysis is not tax advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.

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