MEDIA ALERT - What's new with business taxes?
Wolters Kluwer Tax & Accounting (AEX:WKL):
What: Businesses have faced many tax challenges over the last year. Efforts to help businesses weather the effects of the COVID-19 pandemic brought about the Paycheck Protection Program (PPP) loans that led to some confusion about whether the expenses associated with forgiven PPP loans would be tax deductible. Several tax breaks were offered to businesses with respect to Social Security and Medicare taxes to help employers retain employees during the pandemic. However, these tax breaks came in several forms, changed with each new tax law, and were impacted by the Internal Revenue Service (IRS) backlog in processing returns and issuing guidance. Businesses were also still dealing with delayed guidance from the tax provisions of the Tax Cuts and Jobs Act and now face the possible reversal or revision of many of those business provisions under the tax proposals of the current Administration.
Why: Businesses and their tax advisors have been challenged in keeping up with the changes over the past few years. Heading into 2022, businesses could see even more significant legislative and regulatory changes that could introduce new challenges for the foreseeable future.
PLEASE NOTE: The content of this article is designed to provide accurate and authoritative information in regard to the subject matter covered. The information is provided with the understanding that Wolters Kluwer Tax & Accounting is not engaged in rendering legal, accounting, or other professional services.
Contact: To arrange an interview with Mark Luscombe or other federal and state tax experts from Wolters Kluwer Tax & Accounting on this or any other tax-related topics, please contact Bart Lipinski (News - Alert).
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