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).
Michael S. Grant leads the Employee Benefits Services unit for Crystal & Company as Executive Managing Director. This department provides brokerage and consulting services in Group Benefits, Executive Benefits and Retirement Services, and HR Operations Support, working collaboratively with clients across all industries to provide customized solutions for business and human capital needs.
Grant is an accomplished executive and client-focused business leader with more than 25 years of industry experience. Before joining Crystal & Company, Grant was President, Employee Benefits for a national brokerage in New York, where he was accountable for all facets of insurance brokerage operations, including sales and client retention programs. Prior to that, he was Senior Vice President, Commercial Sales and Account Management for United HealthCare and MetraHealth, the combined Medical entity of MetLife and Travelers. In this role, he directed a team that served the full spectrum of clients from two to 10,000 employees, including many Fortune 500 and multi-site companies.
Grant earned his undergraduate degree from Boston College's School of Management and his Masters in Business Administration from Fordham University. Among the many honors and distinctions he has received, Grant was named one of the top business leaders living on Long Island by Long Island Business News.
Grant serves as a board member and active supporter of various religious organizations, including St. Ignatius Retreat House, Sisters of Charity Halifax, Dominican Village, the Seminary of the Immaculate Conception, and Tomorrow’s Hope Foundation.
Pawlowski, LCPC, CEAP, SAP, is vice president of adminstration at CuraLinc Healthcare.
Michael Jabbbara is director of digital development markets for Visa.
“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.
