With the new year comes new tax topics for businesses and individuals, but keeping up with the ever-changing business environment doesn’t have to be taxing! Below are the top 10 tax topics we’re keeping an eye on.

    1. Employee Retention Tax Credit: A refundable payroll tax credit for businesses financially impacted by COVID-19.
    2. Remote Workforce: A remote work environment, accelerated by COVID-19, creates a spectrum of state and local tax issues.
    3. State and Local Tax – Nexus: States are rapidly changing laws to impose ‘economic nexus’ on remote sellers without any physical presence creating additional sales/use tax and income tax compliance obligations.
    4. Estate Planning: The lifetime estate tax exemption continues to be a political football. Significant wealth (including business interests) requires careful tax planning for transitioning to the next generation.
    5. SALT Cap Planning: Individuals who report income through a Partnership or S-Corporation can indirectly boost their state and local tax deduction in many states.
    6. Tax Controversy: IRS service is at an all-time low, and oftentimes computer-generated penalties and other honest mistakes can quickly turn into an unpleasant situation.
    7. Research Tax Credit: Credit for businesses that perform activities related to the improvement, development, or design of products, processes, formulas, or software.
    8. Inventory Methods: The rising cost of inflation and new IRS Regulations require a fresh look at methods of accounting for producers and resellers of inventory.
    9. International Tax Reporting: IRS reporting requirements related to international matters have increased substantially in scope and complexity with draconian penalties for non-compliance.
    10. Succession/Exit Planning and Execution: Planning and executing a successful sale (or purchase) of a business requires proper analysis of organizational structures, tax exposures, transaction costs, tax modeling/mitigation, and much more.

Our tax experts stand ready to empower growth. Contact GBQ today.

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