Tax year 2023 has been an interesting time for family enterprises. On one hand, there’s certainty for the next several years in our tax law when it comes to areas like wealth transfer, charitable and income tax planning. On the other, waiting for change to some key areas is still uncertain. What should family enterprises be prioritizing during the back half of 2023? Explore three key areas we’re focusing on.
Welcome to tax year 2023! The Inflation Reduction Act of 2022 has settled into law and new retirement protections known as the Secure 2.0 Act of 2022 provided some changes to the retirement savings landscape in late December 2022. Yet, as of the release of this article, many taxpayers and businesses are still awaiting relief on those tighter limitations on business interest expense and research expenditures deductibility, as well as future certainty around bonus depreciation expensing.
In April 2023, the Internal Revenue Service released its long awaited strategic operating plan detailing how it intends to spend the roughly $80 billion in new funding it will receive in the coming 10 years. All with the backdrop of a presidential race for 2024 beginning to take shape.