We know that running your business is hard. The construction industry has gone through numerous challenges in the past two years. From pandemic-induced labor shortages to inflationary peaks, supply chain bottlenecks, and the rising cost of materials—it’s fair to say that we are living in extraordinary times.
Many business owners these days are struggling to find the labor they need in a competitive market. There are simply more jobs available than people who want them. This labor shortage has been exacerbated by record numbers of employees leaving their current positions, a trend termed the “Great Resignation.”
The Internal Revenue Service (IRS) announced earlier this month that the official start of the federal tax season will be Monday, January 24, 2022, "when the tax agency will begin accepting and processing 2021 tax year returns." [IRS Newsroom]
Sales tax is one area of business where it pays to know your obligations, especially if you do business across state lines. You might get by with “ignorance is bliss” for a time, but eventually, the state will notice your activity and send the bill for any obligations you overlooked. At that point, you won’t be able to charge your customers for the sales tax. Instead, you will be the one liable for all the back tax, penalties, and interest, which can accumulate quickly.
This year’s long list of tax law changes could appear as a surprise on your tax return—if you’re not prepared. To help you out, we have compiled a list of the most important changes for the 2021 tax year. Use this information now to help prevent surprises or frustration later when you file your return.