Year-End Tax Letter 2021

Our 2021 Year-End Tax Letter outlines important guidelines for compliance with federal and state rules of taxation and reporting requirements. This letter contains useful information regarding some of the more significant changes to the tax code from legislation enacted in the last few years. This letter also contains 2021 and 2022 payroll tax requirements, employee benefits reporting, informational return filing requirements, and other information for tax planning.

Please note that this letter is designed to provide an overview of selected tax rules that we believe to be of interest to our clients. Tax rules are very complex and can be subject to interpretation. There are many special rules and exceptions that have not been addressed here. In addition, the contents of this letter are subject to change as new tax laws are passed.

On November 19, 2021, the House of Representatives passed the Build Back Better Act sending the bill to the Senate. The bill includes a multitude of tax provisions that may change before final passage. We will do our best to provide you with information on the ultimate contents of the bill if and when it gets signed into law. For the latest updates, please follow the Tonneson Blog.

COVID-19 has changed the world and continues to present new challenges for everyone. We want to express our utmost appreciation and respect for all front-line workers, servicemen and servicewomen who continue to protect and serve our communities. We hope you and your families stay safe and healthy as we press on during this transformational time.