As 2023 comes to a close, so does the window of opportunity for taxpayers to take advantage of strategic planning. Here Wolters Kluwer Tax & Accounting (TAA) North America provides expert insights into key areas of focus and strategic year-end tax planning as it relates to individuals, corporations and the tax and accounting profession.

What: Year-end tax planning is often the last chance many have to take critical actions that will directly impact 2023 tax returns. There are several common tax strategies that are evergreen and should be considered annually, while others are unique to the current 2023 tax season due to specific changes in tax legislation. Both annual and seasonal tax strategies present opportunities to maximize one's return.

Annual year-end tax planning strategies that should always be considered include: postponing income and accelerating deductions; maximizing qualified retirement plan and charitable contributions; bunching itemized deductions; tax loss harvesting; and annual gifting.

Tax planning issues that are specific to the 2023 filing season should be approached strategically and include: leveraging the expanded clean energy-related credits for the home; new and expanded clean vehicle credits; new and expanded clean energy credits and deductions for businesses, including small business expensing and clean commercial vehicles; new third-party reporting on Form 1099-B and postponement of expanded Form 1099-K reporting; change in required minimum distributions (RMDs) for retirement plans; possible legislative changes to Child Tax Credit, the state and local tax deduction limit, and business depreciation and expensing; and, IRS challenge to Employee Retention Credit claims.

To learn more about how to strategically prepare for year-end tax planning, please visit our resources page or reach out to schedule an interview with one of our experts.

Resources: Wolters Kluwer has published a Tax Briefing for 2023 Year End Tax Planning, which can be downloaded at the following link: engagetax.wolterskluwer.com/2023-Year-End-Tax-Planning.

Interview Opportunities:

• Mark Luscombe, JD, LLM, CPA, Principal Federal Tax Analyst, Wolters Kluwer TAA, North America

Interviews can be arranged by contacting Shannon Wherry, Associate Director, External Communications TAA, at shannon.wherry@wolterskluwer.com.

Wolters Kluwer TAA federal tax experts are also available to discuss the year-end planning strategies for 2023, or any other current tax topics impacting business and individual taxpayers.

About Wolters Kluwer

Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software, and services for professionals in healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, and corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.

Wolters Kluwer reported 2022 annual revenues of €5.5 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 20,900 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

For more information, visit www.wolterskluwer.com, follow us on LinkedIn, Facebook, and YouTube.

PLEASE NOTE: The content of this media alert is designed to provide accurate and authoritative information regarding the subject matter covered. The information is provided with the understanding that Wolters Kluwer TAA is not engaged in rendering legal, accounting or other professional services.

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