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).
Daniel Schmid is vice president of sales for the Western U.S. with Trustmark Voluntary Benefits. He has more than 35 years of sales experience in the insurance industry.
A national policy leader with over 20 years of experience, Dr. Keita M. Franklin is the Chief Clinical Officer at Loyal Source Government Services– the nation’s leading healthcare solutions provider – and has consulted with many entities on issues related to workplace wellness. Prior to joining the Loyal Source team, Dr. Franklin was a senior executive at both the Department of Veteran Affairs (VA) and the Department of Defense (DoD), frequently representing the DoD and the VA during testimony in front of both chambers of Congress and advising the Office of the President, the Domestic Policy Council, and the National Security Council. During her tenure, Dr. Franklin led enterprise-wide programming for Veterans, military service members and their families.
Serving Loyal Source since inception, Brian Moore is a recognized creative solutions and results-oriented leader. Overseeing operations, and all Loyal Source Government Services business development efforts, Moore is responsible for the company’s strategic marketing and outreach programs, expertly designed to infiltrate and develop new government service venture opportunities for the business worldwide. Managing the company’s largest national and international client agency accounts, Moore’s decade of commercial and government business acumen has been integral to the development of the Loyal Source name, today known worldwide for developing innovative and market-variable human capital solutions on a global scale.
“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.
