2023 Tax Facts Individuals & Small Business

Tax Facts on Individuals & Small Business is the professional’s complete, authoritative resource to help individual tax payers and business owners maximize opportunities under today’s often complex tax rules. Tax Facts helps advisers of all kinds understand the tax implications of the recommendations that they make for their clients. This publication features:

• Thousands easy-to-read Q&As that comprehensively cover both individual tax issues and also tax issues that are most likely to be faced by small business owners
• Practical advice for any professional, including CPAs, attorneys, and estate and financial planners
• Detailed explanations of the various types of investment products and techniques that are most commonly used by individuals and businesses
• Practice Points give concise advice on how to handle real-world issues
• Having the right tax information helps avoid problems before they become costly mistakes, as well as correct problems when they do occur

New in the 2023 Edition:

• Coverage of the Inflation Reduction Act, including credits for electric vehicles, and the new 15 percent corporate alternative minimum tax
• Explanation of IRS guidance on the early termination of the employee retention tax credit
• Discussion of a federal district court case in California where a judge denied a motion to dismiss a proposed class action lawsuit against Amazon that focuses on whether the company is required to reimburse the employees for expenses related to work-from-home requirements
• Discussion of the ARPA’s expansion of the premium tax credit rules to provide a more generous Affordable Care Act benefits for 2022
• Analysis of a Texas court’s decision that the DOL’s delay of the effective date for the Trump-era rule violated the Administrative Procedure Act by providing only a 19-day period for notice and comments
• Explanation of a new rule that PayPal, Venmo and other third-party payment networks must report a taxpayer’s transactions in excess of $600 per year to the IRS
• Update on the IRS’s FAQ that clarifies the filing and payment extensions applied regardless of whether the taxpayer was sick or quarantined because of COVID-19

Topics Covered:

• Capital gains and losses
• Tax issues related to business income
• Passive and active business income
• Estate planning issues for small business owners
• Bad debt and worthless securities
• Small business valuation issues
• Buy-sell agreements
• Casualty and theft losses for individuals and businesses
• Nontaxable exchanges
• And More! See the “Table of Contents” section for a full list of topics