INSIGHT ARTICLE |
Authored by RSM US LLP
Year-end is a critical time for businesses to think carefully about how to achieve their goals in an ever-evolving tax landscape. RSM US LLP’s 2021 year-end tax guide reflects the tax considerations and developments that we believe may create risk or opportunity.
Challenges and disruptions have continued this year as the pandemic lingers and legislative cycles churn. In March, Congress passed the American Rescue Plan Act, a $1.9 trillion relief and stimulus package that included tax law changes, program modifications and economic impact payments to individuals. Before that, a change in administration and power shift in the Senate introduced to the policy landscape a wide-ranging tax agenda that has garnered much attention and debate. The Made in America Tax Plan proposes major tax changes affecting businesses and multinationals. It hangs in the balance of the budget reconciliation process as the end of 2021 approaches, underscoring the importance of thoughtful planning.
Indeed, careful consideration of the evolving nature of the tax laws and regulations can help you make informed decisions about year-end planning that help you achieve your business objectives in 2021 and beyond.
Within the guide you will find guidance on:
- Accounting methods
- Federal credits and incentives
- Excise taxes
- Compensation and benefits
- Corporate and transactional considerations
- International tax issues
- Considerations for pass-through entities
- State and local tax topics
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This article was written by Patti Burquest and originally appeared on 2021-10-13.
2021 RSM US LLP. All rights reserved.
https://rsmus.com/what-we-do/services/tax/federal-tax/2021-year-end-tax-considerations-for-businesses.html
The information contained herein is general in nature and based on authorities that are subject to change. RSM US LLP guarantees neither the accuracy nor completeness of any information and is not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. RSM US LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein. This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations. This analysis is not tax advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.
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