Tax & AccountingJanuary 08, 2024

2023 Tax year-in-review

By: CCH AnswerConnect Editorial

IRS busy despite any significant legislative action in 2023

Just because Congress failed to act on passing any significant legislation affecting taxes, although they did take some money away from the Internal Revenue Service, it does not mean there was not a lot going on in the tax world. 

In fact, 2023 saw some significant actions taken by the IRS. Early in 2023, the agency got new leadership in the commissioner slot as Daniel Werfel, nominated in late 2022, was confirmed. That was followed by the much anticipated release of the Strategic Operating Plan that detailed how the additional funds provided by the Inflation Reduction Act would be spent. 

Other issues emerged in 2023 that forced the IRS to take action, including the spike in potentially fraudulent claims for the Employee Retention Credit that forced the agency to pause the processing of these claims to do a closer examination of them. Another issue coming to the forefront is yet another delay in the implementation of the 1099-K rules. 2023 also saw the Supreme Court take on a tax case.

Here is a look back on some of the significant stories of 2023.

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CCH AnswerConnect Editorial

Comprising of industry’s most trusted experts, the Wolters Kluwer CCH AnswerConnect Editorial Staff are knowledgeable and highly qualified to analyze and offer guidance on the latest, important tax topics. They ensure every topic is thoroughly researched and meticulously broken down so you receive the most up to date and accurate information available. Read more of their insights on CCH AnswerConnect.

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