From a tax perspective, the tax world has experienced a myriad of changes. The recent Texas winter storm resulted in a disaster declaration and the IRS has extended the due date for affected taxpayers. A host of tax law changes occurred as a result of COVID-19 through the 2020 CARES Act and the 2021 Consolidated Appropriations Act (CAA). The IRS also made changes to how partnership capital accounts must be reported. Below are a few of the recent updates that may impact you as an individual, as well as your business if you are a business owner. These provisions must be evaluated to determine how they might apply to your particular facts and circumstances.
Highlights of the recent tax changes are found by clicking on the following link: BEATTY CPA Recent Tax Updates
If you have any questions please feel free to call us at 832-321-4444 or email Art at abeatty@beattyllc.com and Dawn at dbeatty@beattyllc.com.
Sources:
- https://www.google.com/search?q=US+Capitol+building&rlz=1C1CHBF_enUS916US918&source=lnms&tbm=isch&sa=X&ved=2ahUKEwi4noKLicLvAhXBVc0KHWwjAfYQ_AUoAXoECBoQAw&biw=1920&bih=969#imgrc=-qfYLCMfbtpuTM
- U.S. Department of Treasury
- Internal Revenue Service
- CARES Act
- Consolidated Appropriations Act