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).
Craig Kurtzweil is the chief data & analytics officer for UnitedHealthcare's commercial business. In this role, he leverages the nation's largest health care data set to identify and share insights that can help people and care providers make more informed health care decisions, make health care more affordable for everyone and improve outcomes. This includes exploring new ways to apply data through machine learning and artificial intelligence, creating the next generation of health care analytics and making data a differentiator in the marketplace for the company.
Craig joined UnitedHealthcare in 2005. Since then, he has focused on enhancing how data and analytics support UnitedHealthcare's largest employer customers. His team works with large and complex clients that require a broad view of data, ranging from cost and utilization to productivity and disability exposure. As part of this work, Craig formed the Center for Advanced Analytics to focus on analytic innovations that change the way we evaluate health care value.
Prior to joining UnitedHealthcare, Craig served as an actuarial consultant at Deloitte.
Trinity Davis, managing director at 360 Privacy, spent 18 years in protective services, focused in the UHNW private family office and tech sector.
He built and led cross-functional teams in executive protection, residential security, travel security management and protective intelligence, spending the last six years in Silicon Valley working in social media and fintech. He moved to 360 Privacy in 2022 to focus on educating the industry on digital executive protection and how physical threats begin in the digital landscape.
Brandon Milhorn has nearly three decades of advocacy, policy, legal and regulatory experience, primarily in and around Washington, D.C., including five years in critical senior leadership roles with the Federal Deposit Insurance Corp., seven years in the private sector with Raytheon and over a decade of public service as staff director and chief counsel for the Senate Committee on Homeland Security and Governmental Affairs, general counsel for the Senate Select Committee on Intelligence, as an attorney at the CIA and in two federal court clerkships.
“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.
