Commercial Tax Newsletter | November 2023
Commercial Tax Newsletter
Year-end is here; look to these important announcements covered in our November 2023 Commercial Tax newsletter. Topics include the Corporate Transparency Act, the new social security wage base from the IRS, vehicle depreciation, and more.
Effective January 1, 2024, a new reporting requirement of the Corporate Transparency Act for privately owned small businesses will be enforced, mandating millions of business owners to submit a Beneficial Ownership Information Report to the U.S. Department of Treasury's Financial Crimes Enforcement Network.
Business deductions are deemed “ordinary” or “necessary”, understand the difference and what business expenses can be deducted.
Complicated rules and special considerations, understand how the depreciation rules apply to you and your business.
Employers are responsible to pay FICA taxes including Social Security and Medicare taxes, for 2024 only Social Security taxes increased
Will the newly released IRS special per-diem rates simplify reporting business travel expenses for your business?
View the full November newsletter.