CliftonLarsonAllen (CLA) has posted a new report addressing 40 tax breaks that phased out during 2021 and the impact they may have on small and large businesses when filing current and future taxes.
CLA says six of the tax breaks phased out in the third quarter and the rest ended at year end. A few were COVID-19 pandemic relief related but most what the firm calls perpetual "'tax extenders' that Congress has not made permanent yet."
A few key changes included in the report include:
- Limitations on business interest are reverting
- Employee retention credit (ERC) still available
Bonus depreciation is phasing out
- Research and development costs must be amortized
- Business tax planning is essential
To read the full report and better understand how these changes could impact your operation, please go to https://www.claconnect.com/resources/articles/2022/expired-tax-breaks-could-alter-your-2022-tax-strategy.