EY Tax & Law Alert: What's in Store for 2022?

What's New for Businesses in the Coming Year

The new year is just around the corner. As we approach 2022, there are some exciting developments in the legal and tax landscape that businesses should be aware of. In this blog post, we will provide an overview of some of the key changes that are expected to take effect in the coming year.

Key Legal and Tax Developments for 2022

• New tax law: The new tax law, which was signed into law in December 2021, will have a number of significant impacts on businesses. Some of the key changes include:
  • A reduction in the corporate tax rate from 35% to 21%
  • An increase in the standard deduction for individuals
  • A new 20% deduction for pass-through businesses
• New labor laws: There are also several new labor laws that will take effect in 2022. These laws include:
  • The Fair Labor Standards Act (FLSA) will be updated to reflect the increased minimum wage in many states
  • The Family and Medical Leave Act (FMLA) will be expanded to cover more employees
  • The National Labor Relations Act (NLRA) will be amended to make it easier for employees to unionize
• New privacy laws: Several new privacy laws will also take effect in 2022. These laws include:
  • The California Consumer Privacy Act (CCPA) will be expanded to cover more businesses
  • The European Union's General Data Protection Regulation (GDPR) will be updated to include new requirements for businesses
  • The New York State Department of Financial Services (DFS) will implement new cybersecurity regulations for financial institutions

How to Prepare for the Upcoming Changes

Businesses should start preparing now for the upcoming changes in the legal and tax landscape. Here are a few tips:

• Review the new laws and regulations: Make sure you understand how the new laws and regulations will impact your business.
• Update your policies and procedures: Make sure your policies and procedures are up-to-date to reflect the new laws and regulations.
• Seek professional advice: If you have any questions about the new laws and regulations, seek professional advice from an attorney or accountant.

By following these tips, you can help your business prepare for the upcoming changes in the legal and tax landscape and be sure that they don't cause undue disruption or extra expense.