2023 Updates

I wish I was better at keeping up with blog posts, but my life is just what it is.

So, here’s what I think is important for 2023 taxes….and other things

For S-Corporations and Partnerships, it is a requirement with a potential huge fine ($500 per day late) and criminal consequences ($10,00 fine and up to two years in prison) to file with FINCEN - the Financial Crimes Enforcement Network to file information on all beneficial owners by the end of the tax year for businesses already in business prior to 2024 and for new businesses established after December 31, 2023, within 90 calendar days. So get this filing done as soon as you can or put it on your calendar to do so, existing businesses, by end of 2024.

Here’s the link: https://www.fincen.gov/boi

Also for S-Corps and partnerships, Oregon has a pass-through entity state tax payment method to try to recover state taxes paid above and beyond the state and local income limitation of $10,000 for property taxes and withholding, etc. See https://www.oregon.gov/dor/programs/businesses/pages/pass-through-entity-elective-tax.aspx#:~:text=About%20the%20tax,Tax%20Cuts%20and%20Jobs%20Act. for more information.

2024 Mileage Rates: Businesses - $.67/mile; Medical - $.21 per mile; Charitable - $.14/mile

Just a heads up that there’s only 2 more tax filing years before tax code could potentially return to pre-2018 codes. So things like Qualified Business deduction would go away; tax rates go up; and the state and local income tax limitation would go away (Yay for some people).

For Oregonians, a 44.28% kicker is available for 2023 based on line 22 of OR 40 for 2022. This is huge!

Have a great 2023 tax experience y’all!