Commercial Tax Newsletter | November 2023

Commercial Tax Newsletter

November 2023

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.

The Corporate Transparency Act: Reporting Requirement for Small Business Owners

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.  

Clarifying the Deductibility of Business Expenses

Business deductions are deemed “ordinary” or “necessary”, understand the difference and what business expenses can be deducted.

Tax Depreciation Rules for Automobiles

Complicated rules and special considerations, understand how the depreciation rules apply to you and your business.

2024 Increase to Social Security Wage Base

Employers are responsible to pay FICA taxes including Social Security and Medicare taxes, for 2024 only Social Security taxes increased

IRS Announces New Special Rates for Business Travel

Will the newly released IRS special per-diem rates simplify reporting business travel expenses for your business?

View the full November newsletter.