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).
Warner Johnston serves as the CEO of the USA for the Association of Chartered Certified Accountants. Before ACCA, Warner served as vice president of statewide public affairs at Empire State Development, New York State’s lead economic development agency, where he worked closely with the Governor's Office on statewide messaging and the coordination of communications strategy while conceiving and developing New York State's business portal, New York First. His prior experience includes serving as director of public affairs at New York City's Parks Department and heading communications at the New York City Department of Citywide Administrative Services. Warner also served as deputy press secretary under Mayor Rudolph Giuliani during 9/11.
Stacia Almquist is vice president of dental and vision for Sun Life Financial U.S.
Chris serves Infrastructure & Operations professionals as they face the unique opportunities and challenges of migrating business technology into modern, software-defined environments. He specializes in treating elements of infrastructure systems like developers treat their apps: individual pieces of code that can be dynamically shaped and remolded to handle changing business needs at will. Chris has a special passion for abstraction, automation, DevOps, and how I&O professionals and their organizational culture can evolve and capitalize on a flexible and exciting future.
Previous Work Experience
Chris comes to Forrester with 15 years of experience in infrastructure and process excellence. For the previous eight years, he worked with New York Life, designing and managing financial systems in its Investments group; managing the Investments service desk; and finally, as a key team member, implementing a new operating model for the technology organization as a whole. Prior to this, he managed infrastructure in advertising and public relations at Interpublic and the Public Relations Society of America, respectively.
Education
Chris holds a Master of Business Administration in information systems from Fairleigh Dickinson University and a bachelor’s degree in computer science and writing from Sarah Lawrence College.
“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.
