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Outlook for 2021 taxes is full of uncertainties

Wooden cubes with 2021 Plans text by Marco Verch Professional P is licensed under flickr Attribution 2.0 Generic (CC BY 2.0)
The year ahead will be full of tax uncertainties in the U.S. and internationally, ranging from digital taxes and carbon taxes to possible tax hikes under the Biden administration.

A new report from Bloomberg Tax & Accounting delves into these issues with a series of articles from Bloomberg’s team of tax experts. Topics include moves in states to enable e-commerce taxation, what’s next for Europe’s tax agenda, how COVID-19 relief measures could trigger tax-filing mistakes, cases to watch at the Supreme Court, and the tax consequences of a remote workforce. 

The company’s "2021 Outlook on Tax" report comes at an uncertain time, in the midst of the pandemic when the Biden administration is implementing the tax provisions of the coronavirus stimulus package that Congress passed in December, while planning its own stimulus measures. At the same time, the U.S. is reengaging with its allies abroad on negotiating outstanding matters from last year including moves in some European countries to impose digital services taxes on U.S.-based multinationals like Google and Facebook, which were fiercely opposed by the Trump administration. At the same time, the Biden administration may be more open to levying carbon taxes as a way to control the growing climate crisis. The Supreme Court will also be weighing in on a number of tax cases.

“Our 2021 Outlook on Tax features an unrivaled combination of coverage from Bloomberg Tax’s team of expert reporters along with actionable insights offered by leading tax practitioners from across the globe,” said Lisa Fitzpatrick, president of Bloomberg Tax & Accounting, in a statement Tuesday. “From topics as varied as cases to watch at the Supreme Court to the tax consequences of a remote workforce to increasing tax scrutiny in transfer pricing, Bloomberg Tax offers the most complete solution for tax professionals so they are ready for anything that comes their way in 2021.”
 

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