As we can now see the end of 2023 on the horizon, many of our clients are asking about year-end planning considerations for 2024. This last year has introduced many changes on all fronts and, while we expect a lot of the same moving forward, it is time to review steps businesses and individuals can take before Dec. 31 as part of a year-end tax planning strategy.
Join members of CohnReznick’s National Tax practice as we run through key concerns, areas to watch, and what’s next with regards to:
- State and local tax concerns around the pass-through entity tax (PTET) and remote workers.
- International tax update around the US international tax forms, as well as the penalties that accompany them.
- Federal tax modifications around the sunsetting of specific TCJA provisions, including bonus depreciation planning, recent updates to Section 174, ERC concerns and taxpayer responsibilities, and the IRS’s recent announcement regarding the audit of larger partnerships, the enhancement of their processes and enforcement.
- Individual tax changes involving Secure 2.0 and a one-time $50,000 deduction, as well as new information around Section 529 plans for the children and grandchildren in your life.
Recorded on November 29, 2023.