Commercial Tax Newsletter | September 2023
Important for small businesses is the new reporting requirement of the Corporate Transparency Act; learn how it impacts business owners, 401(k) changes for employers and participants, business deduction rules, and tax consequences of divorce.
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.
Effective January 1, 2024, the SECURE Act 2.0 permits amendments to 401(k), 403(b), and 457(b) plans to offer participants access to emergency savings accounts.
Depreciating business assets change from year to year, here is an update for 2023.
As a business owner your business is your largest asset, and during a divorce the transfer of that asset has tax implications.