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).
Angela Ribuffo is president of Women in Insurance and Financial Services.
Carlton 'Carl' Doty leads Forrester’s global research in emerging technologies. He helps Forrester clients assess disruptive technologies and evaluate new ventures that drive business innovation. Prior to this role, Carl founded Forrester’s customer insights practice and led a global research organization that helped B2C and B2B marketers select and implement marketing technologies and services.
Earlier in his tenure, Carl managed Forrester's consumer product strategy practice, where he led a research agenda on product innovation that spawned Forrester's book, Digital Disruption. He began his Forrester career in 2006 as an analyst covering digital channels, healthcare technology, and consumer-directed health plans.
Previous Work Experience
Prior to joining Forrester, Carl spent a decade in IT, implementing digital portals and applications for a large regional health insurer to improve customer and partner experiences. He also worked in two early-stage startups, and served as vice president of consulting at a global marketing services provider.
Education
Carl attended Tulane University as an NROTC Midshipman and holds a B.S. in civil engineering management from the University of Vermont.
Rodney Joffe is senior vice president, senior technologist and fellow at Neustar. He has been a sought-after cybersecurity expert who, among other notable accomplishments, leads the Conficker Working Group to protect the world from the Conficker worm. Providing guidance and knowledge to organizations from the United States government to the Internet Corporation of Assigned Names and Numbers (ICANN), Mr. Joffe is a pioneer in the domain name system (DNS) and cybersecurity markets and has demonstrated his expertise in developing new solutions at Neustar such as NeuSentry.
“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.
