Hey ,

I hope this email finds you well. 

I wanted to bring to your attention the recent release of the Congressional Joint Committee on Taxation (JCT) list of expiring federal tax provisions. 

The JCT has provided a year-by-year breakdown of the provisions expiring during tax years 2023 through 2034.

It also provided a list of the provisions that expired on December 31st, 2022. This means these will not be applicable for this current tax year.

The following provisions have expired as of December 31st, 2022:

• Allowance of a full deduction for business meals provided by a restaurant
• Railroad track maintenance credit (expiration of 50% rate)
• Special rule for health and dependent care flexible spending arrangements
• Temporary delay in the designation of multiemployer plans as being endangered, critical, or critical and declining

Please note that tax information is subject to change, and it is important to stay informed and up to date with the latest tax provisions.

If you have any questions or concerns, especially regarding this ongoing tax season, please do not hesitate to reach out.

Best regards,

Suncrest Financial Services Team

Hey Entrepreneur! I am Folasade Ayegbusi. I am an Enrolled Agent, Accountant, Ex-insurance Broker, Speaker, and Small Business Growth Strategist. Additionally, I am a Mother, and Entrepreneur.

I have helped entrepreneurs and small business owners save over $25 million dollars in lost revenue, tax assessments, penalties, and interests over the last 12 months. I am confident that I can assist you with all of your accounting needs.