At year’s end, 2023 has been an eventful year for tax professionals. Although not as challenging as the Tax Cuts and Jobs Act or the COVID-related issues of recent memory, new legislation, regulations, court decisions and IRS pronouncements have all impacted the tax landscape. While major developments are familiar to most professionals, there are some that might have been overlooked due to the busy nature of the profession.
Below are some of the more important developments for the year, as selected and explained by David De Jong, CPA, LLM, a partner at the Rockville, Maryland, law firm of Stein Sperling Bennett De Jong Driscoll PC. And of course, for the practitioner, the most important development is the one that speaks directly to an issue they currently face.
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