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).
Mary Beth Haugen is the founder and CEO of Haugen Consulting Group and Haugen Academy. She has more than 30 years of experience in the healthcare industry. She is active on the AHIMA Leadership Advisory Panel, AHIMA's Academic Task Force and is the current co-chair of CHIMA's Education Committee. She previously served as a board member for AHIMA and the AHIMA Foundation, and as a member of AHIMA's EHR Practice Council
Duran Alabi is the chairman of The AGIC Group (TAG) Holding Corporation, a California Holding that oversees all the company's worldwide assets. TAG owns an International Business Corporation (IBC) dully registered in Belize, Central America to manage all the global activities of the holding in different continents & countries.
TAG features companies in banking: Fintech and micro finance, renewable energy development: PV Park investment, ownership, power generation and clean energy storage devices with mobile applications, organic commercial agriculture development, ownership and processing. Duran Alabi oversees the entire global operation of the holding with companies present in North America, Africa, Caribbean, Central America, South America, Europe, Middle East and the Pacific Rim. The focus of TAG holding and its affiliated companies are to be very active in renewable energy, environmental sustenance, remediation, organic agricultural development and Fintech.
TAG's renewable and clean energy focus includes technology areas such as solar, wind, Ethanol generated power conversion technology and power generation floating vessels utilizing LNG. Duran Alabi is a top-tier professional with over 37 years of strategic business development and acquisition, Alabi has tangible experience in emerging enterprise technology, evolving energy innovation solutions and services market. Insightful and articulate with strength in analytic, problem solving, strategic planning, and savvy investment motivation.
Duran Alabi possess proven ability to lead the development, implementation, and successful completion of a diverse range of strategic businesses in publicly traded, pre/post-IPO, start-up environments. He is a leader with quantifiable results in building new businesses, strategic relationship / merger, improving gross profit, sustaining market share growth, and delivering increased customer / venture partner satisfaction. Duran Alabi currently resides in San Diego California, United States of America with his wife and children.
“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.
