Tax Planning Guides for Businesses & Individuals (2021-2022)

Posted on October 11, 2021September 18, 2023

When considering your optimal tax planning & compliance strategy, business & individual tax payers must account for all current and impending tax code changes. This includes the 2017 Tax Cuts and Jobs Act, the 2019 Further Consolidated Appropriations Act, the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and subsequent stimulus initiatives, as well as emerging legislation proposed by new federal, state, and local executive administration.

Will Congress raise the top marginal income tax rate from 37% to 39.6%? Will it raise the capital gains tax on high-income individuals from 20% to 37%? Will the lifetime estate tax exemption decrease? And will these changes be retroactive?

Do not let this overwhelm you—and rest assured, we are here for you! AAFCPAs provides clients with peace of mind that comes from knowing we are on top of all the factors that impact your ability to minimize your tax liability. We are well positioned as your trusted advisor to ensure you make the best strategic moves available, so you do not pay a penny more than what is optimal to achieve compliance.

To help familiarize yourself and begin to identify strategies that might work for you in 2021, AAFCPAs is pleased to share our 2021-2022 Tax Planning Guide for Businesses & Individuals. As you look through this resource, we encourage you to note the sections or strategies that may apply to your situation.

AAFCPAs reminds clients that decisions made throughout the year in response to your unique challenges and opportunities have tax implications. In some cases, the tax benefits of these decisions have windows of opportunity that may close if held and only addressed at year-end. In other cases, tax consequences may be avoided or minimized with timely advice from tax council and strategic planning.

We welcome the opportunity to help you map out a tax plan that takes full advantage of all strategies available to you. Please contact us at your earliest convenience to discuss how we may help you develop a tax plan for 2021 and beyond. Most tax reduction strategies must be implemented by Dec. 31 — and some even earlier. So, the sooner the better.

About the Authors

Julie Chevalier, CPA

Julie is a hands-on leader of AAFCPAs’ tax team. She is responsible for ensuring that clients minimize tax obligations with cutting-edge solutions based upon proven effective and reliable tax expertise. Her skills are concentrated on state and local taxation (SALT), including: income, franchise, property, payroll and sales and use taxes. She delivers compliance, tax consulting and tax planning solutions for individuals and privately-held businesses in a variety of industries, including: retail, professional services, technology, software, publishing, manufacturing and nonprofit entities. She is highly-sought after for her knowledge on issues related to: physical presence versus economic nexus; state apportionment; tax exposure in relation to FIN 48 financial reporting; and the tax implications of multi-state transactions, such as: mergers, acquisitions, expansions and relocations.

David McManus, CPA, CGMA

Dave leads AAFCPAs’ Cannabis Business Practice, providing highly coveted tax, entity structure, and business advisory solutions. Dave has been deeply immersed in understanding the complex financial and operational nuances of the cannabis industry since 2012. He advises multi-state operators, recreational and medical retailers, cultivators, product manufacturers, and investors. He proactively advises clients on risks, opportunities, and tax implications related to market entry, accounting methods, capital structure, debt financing, R&D, M&A, and goodwill impairment. He has led industry training sessions on interpreting and implementing new federal and state marijuana statutes, including compliance with 280E. Dave maintains a strong network of cannabis industry investors, attorneys, bankers, employee compensation and benefits providers, realtors, risk managers, and insurance agents, and he leverages these resources as appropriate to help clients achieve success.