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).
This report analyzes how organizations are investing in direct care support and other benefits to alleviate the strain that affects caregiving employees.
Ravi has over 13 years of actuarial experience in the property and casualty insurance industry. Working in WTW's Insurance, Consulting, and Technology practice as an Associate Director, Ravi works with clients to provide industry leading insights and solutions. Throughout his tenure, he has worked as an effective leader and business partner on both the carrier and consulting side. Ravi's experience includes exposure to a vast array disciplines including analytics, ratemaking, reserving, capital management, and enterprise risk management.
In addition to his professional responsibilities, Ravi actively volunteers with the Casualty Actuarial Society.
Ravi holds a Bachelor of Science degree in Applied Mathematics from Kettering University. He is also a Fellow of the Casualty Actuarial Society and a Member of the American Academy of Actuaries.
Patrick Walsh, CPA, MBA, is the managing partner and CEO of Withum, an advisory, tax and accounting firm with 2,200 team members across the U.S. and internationally. He served on the firm's management committee for six years, leading up to his role as managing partner. Walsh led the firm's national tax practice strategy for five years and oversaw the corporate tax services practice. He is also the executive sponsor for Withum's expansion overseas in opening and growing its India office. Walsh is actively involved in the firm's alliance with HLB International and is committed to leading an inclusive and diverse place of work as seen in his CEO Statement on Inclusion and Diversity.
“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.
