2023 Year-End Tax Planning Update

Date November 10, 2023
Authors TAG Advisory Group
Categories

We are coming to the end of another year filled with rising interest rates and continued market volatility, with little action from Congress to fix or extend tax provisions that could benefit individuals and small businesses alike. These factors make year-end tax planning challenging, but more critical than ever, to ensure any and all opportunities for tax reduction and deferral are being considered.

This planning letter contains information and planning strategies based on federal laws, regulations, court cases, and policies that are in effect as of the publication date. The planning strategies and recommendations discussed generally focus on federal tax laws, so if you live in a state that does not typically follow the federal tax rules additional nuances may need to be considered before implementing a strategy. Our state and local tax (SALT) experts provide some insights in this letter and are also available to provide additional planning strategies that may be more beneficial at the state level.

In addition, international tax issues continue to be a focus with the IRS, and compliance costs continue to rise as reporting becomes more complex and penalties increase. Individuals and businesses that engage in foreign activities need to be more vigilant in documenting and reporting all of their foreign activities and ensuring that all income is reported appropriately. Our international tax experts are available to talk through potential issues and identify planning opportunities that could help minimize foreign reporting requirements.
We hope you find the information in this letter helpful, and we encourage you to reach out to your HBK tax advisor to discuss these planning opportunities prior to implementing any changes. We look forward to working with you this coming year.

Download the update.

Speak to one of our professionals about your organizational needs

"*" indicates required fields

hbkcpa.com needs the contact information you provide to us to contact you about our products and services. You may unsubscribe from these communications at anytime. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, check out our Privacy Policy.



2022 Year-End Tax Planning Update

Date November 15, 2022
Authors TAG Advisory Group
Categories

With rising interest rates, inflation, and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach the end of the year, now is the time for individuals, business owners, and family offices to review their 2022 and 2023 tax situations and identify opportunities for reducing, deferring, and/or accelerating their tax obligations. The information contained within this planning letter is based on federal laws and policies in effect as of the publication date. The tax information provided focuses primarily on federal tax planning strategies.

The information contained within this planning letter is based on federal laws and policies in effect as of the publication date. The tax information provided focuses primarily on federal tax planning strategies. We hope this information helpful and we encourage you to reach out to your HBK tax advisor to discuss these planning opportunities prior to implementing any changes.

Download the update.

Speak to one of our professionals about your organizational needs

"*" indicates required fields

hbkcpa.com needs the contact information you provide to us to contact you about our products and services. You may unsubscribe from these communications at anytime. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, check out our Privacy Policy.



2021 Year-End Tax Planning Update

Date December 8, 2021
Authors TAG Advisory Group
Categories

We thought that the 2020 tax year was unique with its challenges, legislative changes, and political strife. However, 2021 has proven to be just as unique, if not more challenging. As of the publication date of this planning letter, the $1 Trillion Infrastructure Investment and Jobs Act was passed, and the Build Back Better Act (BBBA) is making its way through Congress. The potential changes that the BBBA could bring and other legislative changes related to the ongoing pandemic continue to add an additional layer of complexity to our typical year-end tax planning. At HBK CPAs & Consultants, we want to ensure that our clients and colleagues are aware of the current and potential legislative changes, and how these changes may impact your tax situation.

We hope that the information in this letter is helpful, and we encourage you to reach out to your HBK tax advisor to discuss these planning opportunities prior to implementing any changes.

Download the update.

Speak to one of our professionals about your organizational needs

"*" indicates required fields

hbkcpa.com needs the contact information you provide to us to contact you about our products and services. You may unsubscribe from these communications at anytime. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, check out our Privacy Policy.



2020 Year-End Tax Planning Update

Date November 13, 2020
Authors TAG Advisory Group
Categories

The 2020 tax year has certainly been unique with its challenges, legislative changes, and political strife. The pandemic has added an additional layer of complexity to our typical year-end tax planning. At HBK CPAs & Consultants, we want to ensure that our clients and colleagues are aware of the many changes that have occurred over the past year, and how these changes may impact their tax situation.

Some of the changes that this year-end planning letter will address center around the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Setting Every Community Up for Retirement Enhancement (SECURE) Act, and the interaction these acts may have with the changes from the Tax Cuts and Jobs Act (TCJA) of 2017. While many questions still exist, the IRS has issued key guidance on many tax provisions that have helped provide clarity.

Download the update.

Speak to one of our professionals about your organizational needs

"*" indicates required fields

hbkcpa.com needs the contact information you provide to us to contact you about our products and services. You may unsubscribe from these communications at anytime. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, check out our Privacy Policy.



2019 Year-End Tax Planning Update

Date December 16, 2019
Authors Amy L. Dalen
Categories

With 2019 coming to a close, individuals and businesses may still benefit from several tax savings strategies. At HBK CPAs & Consultants, we want to ensure that our clients and colleagues are aware of the many opportunities still available and applicable even this late in the year.

Year-end planning for 2019 remains complicated by the various changes to the tax code under the Tax Cuts and Jobs Act (TCJA). Fortunately, the IRS has issued key guidance on some important areas throughout the year that have helped to address many areas of uncertainty following the implementation of the TCJA. However, several questions still linger as 2019 nears its end.

Download the update.

Speak to one of our professionals about your organizational needs

"*" indicates required fields

hbkcpa.com needs the contact information you provide to us to contact you about our products and services. You may unsubscribe from these communications at anytime. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, check out our Privacy Policy.