In 2021, we adjusted. We found a new rhythm amidst limitations imposed by the pandemic and even had glimpses of normal life when threats of the COVID-19 virus ebbed in early summer and then again in late fall.
Tax developments also ebbed into a kind of stasis as the year progressed. The change in administration and control of Congress in January brought an initial wave of new plans for significant individual, pass-through, and corporate tax changes. Since then, several higher-profile items – such as increases to the corporate tax rate – fell to the back burner as Congress rallied around more targeted adjustments to offset the costs of sorely needed investments in the nation’s hard infrastructure.
The more dovish tone for tax reform proposals may simplify businesses’ year-end tax planning. Our guide aids those planning conversations by exploring the issues, provisions, and opportunities that have the biggest impact on your 2021 and 2022 tax strategies. As you peruse this resource, keep an eye out for planning points and explanations providing context to these key tax insights.
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