2021 Year-End News Brief

2021 brought a multitude of changes affecting taxpayers and with additional legislation, known as the Build Back Better Act, currently being debated in Congress, it looks like 2022 will be no different. The House of Representatives passed the bill on November 19, but changes could still be made if it is to pass the Senate. Click the button below to read a summary of tax items included in the bill that passed the House.

New York State has enacted a new pass-through entity tax (PTET) for tax years beginning on or after January 1, 2021. The PTET is an optional tax that partnerships or NYS S corporations may elect annually. Click the button to learn more.

The standard is effective for annual reporting periods beginning after December 15, 2021, for non-public business entities. Therefore, it will be crucial as part of your year-end tax planning strategy to take an inventory of all existing leases and forecast any potential new leases or lease renewals in preparation of the transition to ASU 2016-02.

Outsourcing your organization’s accounting function is a flexible, cost-effective way to address the ever-changing operational needs of your organization. There are many different accounting tasks that can be outsourced, each of which can provide a variety of benefits depending on your organization’s needs. Click the button below to learn more.