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).
David currently leads Xero's US Enterprise Accounts team, where he and the team of innovators help to inspire the country's top 300 largest accounting firms along their journeys in modern cloud accounting, with a focus on consulting those firms on where they are today and how they achieve their cloud transformational journeys.
In the first eighteen years of his career, David Emmerman was a co-managing partner in the firm Emmerman, Boyle & Associates, LLC and there showcased his talent for working with small business clients and his team to develop a best in class accounting experience. His passion for technology and extensive involvement with cloud-based solutions led him to a role with Xero as a National Ambassador, where he spent his time leveraging his background to educate some of the largest accounting firms on practice management and cloud adoption topics.
Meredith has almost four decades of industry operations and technology experience spanning all lines of business and the entire insurance value chain. During her 33 years at Liberty Mutual, she was responsible for numerous digital, product, and organizational transformations. Meredith was most recently the industry go-to-market strategist at Ushur, an AI SaaS startup, driving growth and brand awareness across both the P&C and LA&H segments.
As part of the Advisory and Research team at ReSource Pro, Meredith works directly with carrier advisory clients, engages in research efforts, and supports carrier consulting projects.
“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.
