United States

Tax policy update: What will 2022 bring?

RECORDED WEBCAST

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Uncertainty surrounds the significant tax changes that are on hold in the Senate. Will the proposed changes ever be enacted? Could they gain new life as part of an updated version of the $1.75 trillion Build Back Better Act (BBBA) or some other legislative vehicle? If they are enacted sometime in 2022, what could the effective dates be? Those questions and others hover over the stalled legislative cycle, as Congress began 2022 by addressing unrelated items on the Biden administration’s agenda.

RSM’s tax policy team during a 33-minute webcast Jan. 12 discussed the outlook for proposed tax changes and explained what to watch for as this election year proceeds. Watch the full video below, noting the following times at which the team began to discuss various topics:

5:00 – Items in the Build Back Better Act about which Democratic lawmakers agree and disagree. These could amount to building blocks and levers in future negotiations.

9:08 – Potential timing of future developments in the legislative cycle, including any events or deadlines that might force action.

11:29 – Comparing the many similarities and few differences between the versions of the BBBA that the House passed in November and the Senate Finance Committee drafted in December.

15:29 – Tax proposals in the BBBA and other factors that might compel lawmakers to advance negotiations because of potential political value in doing so. These include the possibility of a research and development extender provision, the limitation on the state and local tax deduction and international tax changes.

16:50 – The likelihood of retroactive effective dates if tax changes are enacted later in 2022.

18:29 – Why discussion about the viability of the BBBA centers so much more on Sen. Joe Manchin of West Virginia than Sen. Kyrsten Sinema of Arizona.

20:05 – What passage of the BBBA would mean for the IRS, and current challenges the agency and taxpayers are experiencing because the agency is understaffed with antiquated software

24:37 – IRS enforcement priorities in 2022 involving:

  • corporations (24.49)
  • partnerships (26:13)
  • individuals (27:09)

28:50 – Why it is important for taxpayers to remain flexible and how they might do so.

Our presenters

James Alex

Principal

Areas of focus: Tax Policy

Fred Gordon

Senior Director

Patti Burquest

Principal

Patti has extensive experience handling IRS examination and appeals matters for all types of business. Reach her at patti.burquest@rsmus.com.

Areas of focus: Tax ControversyWashington National Tax

Dave Kautter

Partner

Mathew Talcoff

National Industry Tax Leader

Event details

Who should attend
Tax professionals and finance executives

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