Greetings!
We hope you had a great year and an even better holiday season. Unlike last year’s newsletter, there weren’t nearly as many pieces of legislation affecting taxes in 2021 as there were in 2020. Two bills passed in 2021 with notable tax provisions, and we will discuss those provisions at length in this newsletter. Please note that many of the provisions passed for tax year 2021 are not extended into future years as of the date of this letter. However, drafts of the Build Back Better Act that is circulating in Congress right now contain extensions to some items, so we’ll have to wait to see what is extended and what is cut.
Additionally, Washington passed two notable pieces of legislation that we will discuss at length as well. Those measures include a publicly funded long-term care program called the CARES fund, as well as a 7% tax on long-term capital gains. Both measures currently face legal and implementation issues, which we will discuss:
Jan 2022 Newsletter-The Gehring and Farrwood Team