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).
Christine Pratt is a senior analyst at Aite Group specializing in lending and credit risk and spanning Aite Groups Retail and Wholesale Banking segments. She brings to Aite Group a strong research and consulting background as well as hands-on experience developed working within financial institutions.Ms. Pratt has been widely quoted in national media and industry publications such as Wall Street Journal, Forbes, American Banker, Bank Technology News, Bank Systems & Technology, and Credit Union News. She has presented at major industry events (CBA, MBA) and client conferences for top technology providers.Before joining Aite Group, Ms. Pratt served as president and CEO of Pratt Associates, a firm dedicated to providing marketing and competitive intelligence, including research advisory and consulting services, to the financial services and healthcare industries. Prior to this she was a research director within Financial Insights Consumer Banking and Credit practice, and senior research analyst with TowerGroups Consumer Credit practice. In these capacities she authored research and advised senior management of financial services clients on system selection and best practices in business processing.Ms. Pratt adds strong domain expertise to her list of industry experience, including COO duties for both the consumer lending and mortgage subsidiaries of a large regional lender, and CAO duties for two investment advisory firms. Ms. Pratt managed multiple core banking systems conversions for RBS Citizens Bank, a top 10 U.S. bank, and was a senior vice president at BayBanks, where she had oversight of all credit operations (including credit cards, mortgages, and auto finance) and managed a staff of more than 500. At Shawmut Bank, Pratt drove the centralization of corporate customer call centers and managed all corporate services operations. Additionally, as a senior manager for a New York-based consulting firm, she supported Top 10 financial institutions and Internet startups.Ms. Pratt holds a B.A. in both English Literature and Mathematics from Boston University.
Tracy Walsh is a senior consultant for Population Health Advisor of Advisory Board, a consulting firm specializing in healthcare and technology.
“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.
