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2021 Year-End Tax Considerations for Businesses

October 13, 2021

Business, Insight article

Authored By RSM US LLP

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GreerWalker is a proud member of RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries. Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise, and technical resources. For more information on how GreerWalker can assist you, please call (704) 377-0239.

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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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GreerWalker is a proud member of RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries. Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise, and technical resources. For more information on how GreerWalker can assist you, please call (704) 377-0239.

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