Marcum LLP, a Top 20 Firm based in New York, released its 2021 Year-End Tax Guide on Monday, providing a wide range of tax-planning strategies and considerations for next year.
The 71-page report contains over two dozen articles and reference tables spotlighting recent changes in tax laws and the potential effects of pending legislation.
“In many ways 2021 was even more challenging for taxpayers than 2020, when the pandemic economy first took hold,” said Joseph Perry, national leader of Marcum’s tax & business services division, in a statement. “COVID-19 relief bills enacted in December 2020 and March 2021 made a number of tax law changes that affect 2021 tax filings for both individuals and businesses. The complexities of COVID relief applications, compounded by supply chain disruptions, the severe labor shortage, and the sudden spike in inflation, was a true test for middle-market companies. How taxpayers will be impacted by new and pending legislation, and what measures they employ to continue to thrive and remain nimble amid the confusion, underscores the extreme importance of planning for various scenarios going into 2022.”
The guide contains up-to-date information about the bipartisan infrastructure bill, the Restaurant Revitalization Fund, self-employment tax considerations for LLC members, equity-based compensation, gift and estate tax planning opportunities, nonprofits, transfer pricing, the real estate industry, research and development tax credits, state and local tax updates, state tax nexus, pass-through entity tax workarounds by states, state telecommuting and residency considerations, the child tax credit, and other topics.
The 2021 Marcum Year-End Tax Guide can be downloaded at https://info.marcumllp.com/2021-marcum-year-end-tax-guide.