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).
Sammy is the founder and CEO of YuLife, a tech-driven insurance company on a mission to inspire life by providing group insurance, wellbeing, and rewards in one simple app. He originally built Policy Portfolio plc, the first market maker in traded endowments and led the flotation of the company on the full London Stock Exchange. He then went on to become the founding CEO of PruProtect (now VitalityLife), which was the first life insurance company in the UK to reward healthy living. Sammy holds a degree in computer science from Imperial College London.
A 37-year insurance industry veteran and a leader in the cyber insurance field, Keith Savino is the National Cyber Practice Leader with PCF Insurance Services, as well as a Principal and Managing Partner with Broadfield Insurance. Keith is an active member with various organizations, including a member of the Leaders Council for the Association of User Group Information Exchange (AUGIE), past President for the National Association of Professional Insurance Agents, former Board of Director for ACORD, former Chair for NetVU, Advisory Board member for Certificial, former Advisory Board for IVANs, plus many other organizations.
Peter McMurtrie is a partner of the insurance practice for West Monroe, a global business and technology consulting firm. Peter has C-suite experience across a variety of insurance disciplines including sales, marketing, claims, customer interactions, and subsidiary oversight—including extensive interaction with and presentations to boards of directors. His three decades of experience covers all types of insurance—from core product lines of personal and commercial Insurance to ancillary lines like accident and health, pet, travel, and medical stop loss products. Peter joined West Monroe from Nationwide Insurance, where he was president of Property & Casualty Commercial Insurance.
“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.
