Let’s explore some key points in the ever-changing landscape of tax regulations and policies that are essential for review before year-end.
As we near the end of the 2023 tax year, it’s crucial to reflect on the significant federal tax developments that have shaped this year. Let’s explore some key points in the ever-changing landscape of tax regulations and policies that are essential for review before year-end.
Employee Retention Tax Credit (ERTC) Scrutiny:
The ERTC, a vital component of the CARES Act, has provided crucial support to businesses during the challenging times of the COVID-19 pandemic. However, the IRS is closely monitoring fraudulent claims. It’s crucial to adhere to the rigorous guidelines for this refundable tax credit.
Changes in Research & Experimentation Expenses:
The Tax Cuts and Jobs Act (TCJA) brought significant modifications to the deduction rules for research and experimentation costs under IRC section 174. A thorough review is necessary to understand how these changes impact businesses, especially in the tech and scientific sectors.
Estate and Gift Tax Adjustments:
The year 2023 witnessed a notable increase in federal gift/estate tax and generation-skipping tax exemptions due to inflation.
