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).
Jed Danbury is a vice president at Computop.
Ellen is a principal analyst serving financial services technology decision makers in roles such as CIOs and enterprise architects in the insurance and wealth, investment, and asset management industries. Her research focuses on the technology decisions that financial services firms are investing in, including core platforms modernization and replacement and the integration of emerging technologies with legacy systems to drive better digital experiences and improved operational efficiency.
Previous Work Experience
Prior to her current research coverage, Ellen spent eight years providing strategic analysis and advice to Forrester’s insurance digital business strategy clients, focusing on eBusiness strategies and best practices in digital and customer experience as well as adoption trends for property and casualty, life, group, and health insurers.
Ellen brings 30 years of experience in delivering technical and professional services to clients in a variety of industries and markets. She joined Forrester from the former ThruPoint, a New York-based professional services firm, where she was a principal consultant focusing on IT service business strategy to Global 100 clients in securities, banking, and insurance; telecommunications; and media and entertainment. Before joining ThruPoint, Ellen was a director and principal analyst for Gartner, following the infrastructure services market, including consulting, support, and managed services.
Ellen has presented on vertical-industry and role-based marketing in a variety of Forrester and client events. She has been cited in Forbes, Fortune, the New York Times, the Economist, the Wall Street Journal, Best’s Review, Carrier Management, Rough Notes, Digital Insurance, New Scientist, and American Banker.
Education
Ellen received a B.S. in economics from Southern New Hampshire University.
Employee Benefit News' March/April issue explores how workplaces are navigating pandemic challenges and making plans to return to the office.
“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.
