Month: November 2022

Categories
General

The Ways and Means Committee Chair Selection

The Ways and Means Committee is the chief tax-writing committee in the U.S. House of Representatives. It also oversees Social Security, Medicare, and other issues. Not surprisingly, it’s a popular assignment. Now that Republicans have secured a House majority, their representation on the committee is expected to increase from 17 to 25. (Democrats likely will retain 18 seats). However, at least 10 Republicans are vying for eight available spots. Also, several representatives are competing for the chairmanship. The chair will be selected by the Republican Steering Committee, but candidates for committee seats generally must undergo a three-step process that involves a House floor vote.

Categories
Tax

2022 Year-End Tax Planning for Individuals

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 year-end, 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, or accelerating their tax obligations.

The information contained within this article is based on federal laws and policies in effect as of the publication date. This article discusses tax planning for federal taxes. Applicable state and foreign taxes should also be considered. Taxpayers should consult with a trusted advisor when making tax and financial decisions regarding any of the items below.

 

Click here to view the year-end tax planning checklist for individuals.

Categories
Tax

2022 Year-End Tax Planning for Businesses

U.S. businesses are facing pressure to drive revenue, manage costs and increase shareholder value, all while surrounded by economic and political uncertainties. Disruptions to supply chains brought about by the pandemic have continued into 2022. Inflation and rising interest rates have made the cost of debt, goods and services more expensive and cooled consumer spending. The stock market has declined sharply, and the prospect of a recession is on the rise. What’s more, the outcomes of the upcoming November U.S. congressional elections — which as of the publication of this article are as yet unknown — will shape future tax policies. How do businesses thrive in uncertain times? By turning toward opportunity, which includes proactive tax planning. Tax planning is essential for U.S. businesses looking for ways to optimize cash flow while minimizing their total tax liability over the long term.

 

This article provides a checklist of areas where, with proper planning, businesses may be able to reduce or defer taxes over time.  Unless otherwise noted, the information contained in this article is based on enacted tax laws and policies as of the publication date and is subject to change based on future legislative or tax policy changes.

 

Click here to view the year-end tax planning checklist for businesses.