Accounting firms Crowe LLP and BKD LLP released year-end tax-planning guides Wednesday, during a time of great uncertainty over future tax changes in the midst of the novel coronavirus pandemic and the upcoming election.
Crowe’s Tax Planning: 2020 Year-End Guide discusses a number of issues, including recent legislation passed in Congress in response to COVID-19, such as the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Srinivasa Vegi serves as president of data analytics and artificial intelligence at DMI, where he is responsible for business strategy, practice building and global project delivery. With 25-plus years of experience in information systems and 18-plus years of experience specific to data analytics, Dr. Vegi provides strategic guidance for customers to tame big data and achieve success using business intelligence, predictive analytics, AI and machine learning.
Prior to joining DMI, Dr. Vegi was at Wipro, in various capacities as head of analytics practice, APAC , head of analytics for global media and telecommunications, VP and head of the Integrated Solutions Group for Analytics Service Line and subsequently for the healthcare and lifesciences business unit.
As an accomplished business leader in strategic planning and execution, he excels at building niche competencies, delivering large transformational programs supporting growth and leveraging digital, big data, and cloud technologies impacting business outcomes. Dr. Vegi has helped many companies across varied business domains in their efforts to deploy data and analytics solutions.
Dr. Vegi earned his Ph.D. in computer science from Andhra University and his Bachelors in civil engineering from the National Institute of Technology, both in India. He has had several articles featured in trade journals.
Eileen Iles is a partner at Crowe, a consulting, technology and public accounting company.
William J. Rossi is a partner at Koss Olinger where he began his financial services career in 1997. His areas of expertise are investment management, estate planning, and creating income distribution strategies during retirement.
“Navigating the current landscape can be tricky and confusing,” said Gary Fox, managing partner of tax services at Crowe, in a statement. “It is important to stay on top of all the fast-moving law changes of the past six months and to remain prepared for the possible changes in the near future.”
Other topics include standard deductions vs. itemizing, state and local tax deductions, home-related breaks and tax-advantaged saving for health care. The guide also covers family-oriented tax breaks such as child, dependent and adoption credits, dependent care breaks, the “kiddie tax,” Section 529 plans, education savings accounts and Achieving a Better Life Experience (ABLE) accounts.
The Crowe guide also covers investor issues, such as capital gains taxes and timing, being tax-smart with losses, mutual funds, income investments and 3.8 percent net investment income tax. Business-related tax topics include business structure, Section 199A deductions for pass-through businesses, projecting income, depreciation, vehicle-related depreciation, meals, entertainment and transportation, employee benefits, tax credits and the self-employed.
Retirement tax topics include 401(k)s and other employer plans, more tax-deferred options, Roth alternatives, early withdrawals, required minimum distributions, IRA donations to charity and the Setting Every Community Up for Retirement Enhancement Act (SECURE Act).
Estate-planning topics in the guide include estate taxes, gift taxes, the generation-skipping transfer (GST) tax, state taxes, exemption portability and tax-smart giving.
The Crowe guide also covers income tax rates for individuals, corporations and estates and trusts.
The BKD Year-End Tax Advisor aims to help businesses and individuals with their year-end planning decisions and the development of an effective tax strategy, given the recent changes in requirements, updated regulations and new tax laws this year.
“2020 has been a year like no other, with the COVID-19 pandemic affecting each of our lives, businesses and communities in ways many of us have never experienced,” said BKD director of tax quality control Jesse Palmer in a statement. “Solid tax planning is probably more important than it’s ever been before as you work to create a healthy financial future for yourself and your business.”
The BKD Year-End Tax Advisor includes reminders for the year ahead. More than a dozen contributors have written 18 articles for the guide, including discussions of how COVID-19 has affected various industries, charitable giving and information-reporting reminders.
