As the owner-manager of your company, it’s the perfect time to assess your tax situation as the end of 2023 approaches. A thorough review can help ensure that you are receiving distributions from your company in a tax-efficient manner, and that you are meeting your small business tax obligations. Among other important considerations, it’s important to revisit your business succession plan in light of more restrictive proposed intergenerational business transfer rules and new proposed Employee Ownership Trust (EOT) rules expected to take effect in 2024.
Remember, the tax rules affecting small businesses are complex and can have far-reaching effects on you, your family and your private company. As a result, we recommend you meet with your KPMG Private Enterprise Tax Adviser as soon as possible—well before the end of the year—to review your tax situation.
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