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Updates in US Tax Laws for 2023 The US tax code is constantly changing, and it can be difficult to keep up with all the latest updates. However, it’s important to stay informed about the latest tax law changes, so you can make sure you’re paying the correct amount of taxes and taking advantage of all the available tax deductions and credits. Here is a more detailed summary of the most important updates to US tax laws for 2023 New corporate minimum tax The Inflation Reduction Act of 2022 introduced a new corporate minimum tax of 15% on corporations with financial accounting income over $1 billion. This tax is designed to ensure that large corporations pay their fair share of taxes, even if they are able to use tax credits and deductions to reduce their tax liability to zero or below. Excise tax on stock buybacks The Inflation Reduction Act also introduced a new 1% excise tax on stock buybacks by publicly traded corporations. This tax is designed to discourage corporations from repurchasing their own shares, which can often lead to job losses and reduced investment in the company. Expanded child tax credit The Child Tax Credit (CTC) was expanded for 2021 and 2022, but the expanded credit is not available for 2023. However, the CTC was made permanent in 2021, so it will still be available to eligible taxpayers in future years. Increased earned income tax credit (EITC)...