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Tax Planning Guide

Read the guide below for a year’s overview of federal, state and local, and international tax matters for businesses, as well as insights for individuals.

2023 brought a variety of legislation updates, tax court cases, and more. With the new year upon us, it’s important to be prepared and keep an eye on timely updates that could affect you or your business. Read our Tax Planning Guide to learn about federal, state and local, and international tax matters for businesses, as well as insights for individuals.

Federal Tax Considerations

U.S. federal tax updates seem to be never-ending. The IRA and the looming changes proposed in the three Acts within the American Families and Jobs Act package have many on the edge of their seat. Let’s take a look at the prominent areas of federal tax over the past year and what you may want to keep an eye on for 2024.

 

Other Federal Tax Considerations

International Tax Considerations

International taxation continues to evolve. Although there has been no major U.S. international tax legislation as of November 2023, there have been IRS regulation changes and tax cases that have significant importance. In addition, there is ongoing concern about the potential impact of Pillar Two to U.S. taxpayers. The following developments promise to loom large in the coming years.

State & Local Tax Considerations

Tax-Exempt

Individual Taxpayer Considerations

Now that we’ve explored tax considerations for businesses, let’s look at what we’ve seen over the past year for individual, gift, and estate tax purposes, and what we can look ahead to in 2024.

Conclusion

Navigating individual, federal, state and local, and international taxes can present a myriad of challenges and considerations. We hope this Tax Planning Guide helped you understand what topics you should keep in mind as you prepare for a new calendar year. If you’d like to learn more, please reach out to your Forvis Mazars trusted advisor, or submit a Contact Us form.

  • 1“Beneficial Ownership Information Reporting,” fincen.gov., September 29, 2023.
  • 2“Beneficial Ownership Information Report Filing Dates,” fincen.gov, March 24, 2023.
  • 3Ibid.
  • 4“Beneficial Ownership Information Reporting,” fincen.gov., September 29, 2023.
  • 5As defined in 31 CFR §1010.380(d)(1).
  • 6Under the Netting Rule of §4501(c)(3), the excise tax is applied to a net (reduced for certain stock issuances during the taxable year), rather than gross, measure of stock repurchases during each taxable year on a fair market value basis.
  • 7Notice 2023-2 (December 27, 2022).
  • 8The taxpayer identifies at least three properties without regard for fair market value (FMV).
  • 9The taxpayer identifies any number of properties as long as their aggregate FMV as of the end of the identification period does not exceed 200% of the aggregate FMV of all the relinquished properties as of the date the relinquished properties were transferred by the taxpayer.
  • 10§1.1031(k)-1(c)(4).
  • 11§1031 (a)(3).
  • 12OECD Public Consultation Document, Pillar One - Amount B, 17 July 2023 - 1 September 2023.
  • 13Law No. 14,596 of 14 June 2023 (Law 14,596/23) published in the Brazilian Federal Official Gazette (Diário Oficial da União – DOU) on 15 June 2023.
  • 14“Transfer Pricing Documentation Requirements for UK Businesses,” gov.uk, March 15, 2023.
  • 15“Staatscourant van het Koninkrijk der Nederlanden,” zoek.officielebekendmakingen.nl, June 14, 2022.
  • 1679 Cal. App. 5th 245 (2022).
  • 17No. 163742 (Mich. July 31, 2023).
  • 18Id. See 2018 WL 10563275 (Mich. Ct. Cl.) (granting summary disposition for Department), rev’d, 331 Mich. App. 568, 953 N.W.2d 213 (Ct. App. 2020), rev’d, after which the Supreme Court vacated and remanded, 2021 WL 3923834 (Mich. Ct. Cl.) (granting summary disposition for Department), rev’d, 339 Mich. App. 117, 981 N.W.2d 116 (Ct. App. 2021).
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