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).
Rachel Anderika is chief operating officer and chief trust officer of Anchorage Digital Bank, the first federally chartered digital asset bank in the United States. She previously served as a national bank examiner at the Office of the Comptroller of the Currency. She was recognized in 2025 as one of American Banker's Most Powerful Women in Banking.
Paul Blowers is partner and CIO at Plante Moran, where he oversees the firm's strategic technology vision. His deep experience in all aspects of IT strategy and innovation enables him to advise on a wide range of issues, including data analytics, enterprise architecture and large-scale business technology transformation.
Loreene Kemperman, Product Owner at Apex HCM by IRIS, brings over a decade of expertise in payroll regulation and compliance across the U.S., making her a trusted advisor in navigating complex legislative environments and their impact on payroll systems. With a strong background in software validation, testing, and system compliance, she excels in ensuring that SaaS and SAP solutions meet regulatory and functional requirements through thorough testing, user acceptance validation, and traceability to key requirements. Loreene's ability to deliver effective training and documentation, combined with her exceptional technical communication skills, enables companies to remain agile and compliant as regulations and technologies rapidly evolve, particularly in today's dynamic regulatory landscape.
“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.
